Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Robinhood Financial LLC
Current Parent Company: Robinhood Markets
Penalty: $7,500,000
Year: 2024
Date: January 18, 2024
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: privacy violation
Violation Description: Robinhood agreed to pay a $7.5 million fine in settlement of alleged violations of the Massachusetts Uniform Securities Act by marketing itself to Massachusetts residents, in part, by deploying certain in-app features and other promotional campaigns that could be harmful to customers, and was not adequately robust. It also settled allegations of inadequate cybersecurity controls allowing a data breach that resulted in an unauthorized third-party obtaining names, emails, or phone numbers for approximately 117,000 Massachusetts consumers.
Level of Government: state
Action Type: agency action
Agency: Massachusetts Securities Division
Civil or Criminal Case: civil
Facility State: Massachusetts
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: investor services
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.