Robinhood agrees to pay $45M in SEC settlement

Robinhood has agreed to pay $45 million to settle a Securities and Exchange Commission investigation into several alleged violations, Report Monday’s Wall Street Journal.

Settlement is being done through two brokerage units of Robinhood. A Robinhood of Violation is related Confirmation November 2021 That it was hacked “over five million customer email addresses and two million customer names were taken, as well as a much smaller set of more specific customer data.”

The SEC alleged that the two units covered by the settlement — Robinhood Securities and Robinhood Financial — “did not adopt adequate policies and procedures to protect customer information,” the WSJ reported.

The Robinhood units also did not establish a program to adequately protect customers against identity theft, the SEC alleged.