Robinhood agrees to pay $45M in SEC settlement

Robinhood has agreed to pay $45 million to settle an investigation by the Securities and Exchange Commission over a series of allegations that, report Wall Street Journal Monday.

This settlement is done through two parts of Robinhood. One of the violations is related to Robinhood November 2021 confirmation that it was hacked “with over five million customer emails and two million customer names taken, as well as a small group of customers.”

The SEC said that the two entities — Robinhood Securities and Robinhood Financial — did not adopt “adequate policies and procedures to protect customer information,” the WSJ reported.

Robinhood shares also did not implement a program to adequately protect customers from being identified, the SEC also charged.