The world-famous investment platform Robinhood was fined 10 million dollars on the grounds that it damaged its investors due to systemic disruptions in the past.
Robinhood, which has experienced cuts many times in the past years, after a long investigation process. $10.2 million worth of fines. California Department of Financial Protection and Innovation (DFPI) In the decision announced by that it hurt investors many times identified was highlighted. DFPI also stated that Robinhood could not control the basic technology that should be in an exchange, which created serious disruptions in this situation.
USA based 7 different states The main triggering reason for the lawsuit initiated by the securities regulator March 2020There was a serious interruption in . Although Robinhood agreed to pay a fine, it chose to remain silent on accusations of willful harm to its customers.
In this long-term research Alabama, Colorado, California, Delaware, new Jersey, South Dakota, Texas state securities regulators.
Andrew Hartnett, President of the Association of Securities Managers of North America, made the following statements on the subject:
Robinhood has repeatedly failed to serve its customers. But this compromise makes it clear that Robinhood must take its customer service obligations seriously and rectify these shortcomings. Platforms like Robinhood must adhere to common sense protections for investors and consumers as required by law.
One of the most serious scandals of the platform Covid-19 serious rise after the pandemic GameStop (GME) It was the decision he made against his shares. When the price of the shares is near the peaks buy button removed by platform and only allowing the sale drew a backlash. This alone caused investors to lose millions of dollars.