Robinhood has agreed to fork out $45 million to settle an investigation by the Securities and Change Fee over a number of alleged violations, reported the Wall Avenue Journal on Monday.
The settlement is being made through two of Robinhood’s brokerage items. One of many violations pertains to Robinhood’s November 2021 confirmation that it was hacked “with greater than 5 million buyer e mail addresses and two million buyer names taken, in addition to a a lot smaller set of extra particular buyer knowledge.”
The SEC alleged that the 2 items lined by the settlement — Robinhood Securities and Robinhood Monetary — didn’t “undertake ample insurance policies and procedures to guard buyer data,” reported the WSJ.
The Robinhood items additionally didn’t put a program in place to sufficiently defend prospects towards id theft, the SEC additionally charged.
