Robinhood has agreed to fork out $45 million to settle an investigation by the Securities and Exchange Commission over several alleged violations, reported the Wall Street Journal on Monday.
The settlement is being made via two of Robinhood’s brokerage units. One of the violations relates to Robinhood’s November 2021 confirmation that it was hacked “with more than five million customer email addresses and two million customer names 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 sufficient policies and procedures to protect customer information,” reported the WSJ.
The Robinhood units also did not put a program in place to sufficiently protect customers against identity theft, the SEC also charged.
You Might Also Like
Humane’s AI Pin is dead, as HP buys startup for $116M
Humane announced on Tuesday that it has been acquired by HP for $116 million. The hardware startup is immediately discontinuing...
Google Play Books purchases on iOS now skirt the App Store’s commission
Google has gained permission to sell its e-books and audiobooks directly to customers through its iOS app, Google Play Books....
Trump admin reverses hydropower layoffs that sparked grid stability fears
This month, the Trump administration instituted sweeping cuts within the federal agencies in charge of power from hydroelectric dams, raising...
Safe Superintelligence, Ilya Sutskever’s AI startup, is reportedly close to raising roughly $1B
Safe Superintelligence, an AI startup founded by former OpenAI chief scientist Ilya Sutskever, could be close to raising more than...