TechFlow news — On January 14, according to an announcement from the U.S. Securities and Exchange Commission (SEC), Robinhood Securities LLC and Robinhood Financial LLC have agreed to pay a total of $45 million in civil penalties for violating more than ten securities law provisions. The violations include failure to file suspicious activity reports in a timely manner, failure to implement adequate identity theft protection measures, failure to address known cybersecurity vulnerabilities, and failure to properly preserve customer communications. Additionally, Robinhood Securities was separately charged with failing to provide complete securities transaction data and violating Regulation SHO. These issues occurred between 2019 and 2023. The SEC stated that both companies have acknowledged certain findings and agreed to accept the penalties.
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