Robinhood fined $65 mn in US for misleading customers

New York (AFP) – Robinhood will pay $65 million to settle charges it misled customers over payments from trading firms that overcharged users to execute transactions, US securities regulators said Thursday. In exchange for the payments, Robinhood routed orders to these firms, resulting in $34.1 million in higher customer fees, the Securities and Exchange Commission said in an order that faults the firm’s statements to customers between 2015 and late 2018. A trading app that has soared in popularity during the pandemic, Robinhood has touted the lack of trading commissions in customer communicat…

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