NEW YORK—Robinhood Financial will pay nearly $70 million to settle a wide range of allegations, including that it gave customers misleading information and improperly allowed some users to make riskier trades after they lied about their trading experience.
The financial penalty is the largest ever ordered by the Financial Industry Regulatory Authority, a non-governmental organization that oversees the brokerage industry, and one that “reflects the scope and seriousness of Robinhood’s violations,” said Jessica Hopper, head of FINRA’s department of enforcement.
