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Robinhood Just Received the Largest Financial Penalty Ever Ordered


HAL1000
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https://interestingengineering.com/robinhood-just-received-the-largest-financial-penalty-ever-ordered

Robinhood Financial LLC. has been fined $70 million for systemic supervisory failures and causing significant harm to its millions of customers. The company is a subsidiary of Robinhood Markets Inc., an electronic trading platform that allows commission-free trades of stocks and exchange-traded funds via its mobile app.

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But given how much they earn per quarter, $70m is laughable really. They essentially just paid the fine to keep doing what they do (selling customer data) without any recourse (in fact, now it is legitimised). 

Won't end well. 

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  • 4 weeks later...

Terrible! I am delighted that I ended using this trading app. Even though I used this application for a long time, I liked it and didn't have any problems with it, and I heard a lot of damage that I didn't want to happen to me. It is very disgusting to see a big trading company, with 31 million users to do such things as posting fake information to its customers and the fact that their clients lost thousands of dollars. Horrible! I'm glad I use others apps now. I am investing in apps like Robinhood with the same idea and very easy to get an income. Fortunately, I didn't run into any problems.

Edited by sofiajoferna
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