Crypto Friendly trading app Robinhood being probed by SEC for Civil Fraud

[Yaunfitda]

Crypto Friendly trading app Robinhood being probed by SEC for Civil Fraud

Robinhood is now facing a civil fraud investigation brought about by the Securities and Exchange Commission (SEC) over its ties with high-speed trading firms like Citadel Securities and Two Sigma Securities, as it supposedly failed to disclose this information with its customers.

https://thedailychain.com/crypto-friendly-trading-app-robinhood-being-probed-by-sec-for-civil-fraud/

Ok, it seems that the investigators steam from this, 20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative.

And we have been discussing that Robinhood should be held liable, and it seems that SEC has step up with probably a civil case against them and it's just about time, in my opinion.

[Baofeng]

I don't like to used the world "crypto friendly' because that is subjective, imo.

Going back to the subject, every crypto related services has already attracted the attention of SEC obviously, and just months after the suicide of one of Robinhood's customers, here come SEC suing them. Let's see what will be the initial pleading of Robinhood, as they might settle this out of court if permissible.

[squatter]

Ok, it seems that the investigators steam from this, 20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative.

And we have been discussing that Robinhood should be held liable, and it seems that SEC has step up with probably a civil case against them and it's just about time, in my opinion.

The investigation is apparently at an "advanced" stage, so the SEC must have been looking into their relationships with high-speed trading firms long before that suicide happened.

Supposedly they are looking at a $10 million fine, which is a drop in the bucket compared to the $200 million they just raised in another round of seed funding. It will make for a rough quarter for Robinhood whenever they settle the case, but I'm sure they made much more than $10 million selling their customers' orders to these firms. Now they basically just need to pay a fine and put something in the fine print about it.