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Robinhood to pay $65 million fine to settle SEC charges of misleading customers
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Robinhood to pay $65 million fine to settle SEC charges of misleading customers

Popular online brokerage Robinhood has agreed to pay a $65 million fine to settle U.S. Securities and Exchange Commission charges that it misled customers.

Business

WASHINGTON (Reuters) - Popular online brokerage Robinhood has agreed to pay a $65 million fine to settle U.S. Securities and Exchange Commission charges that it misled customers.

The SEC claimed in a statement that the company failed to inform customers about payments it received from trading firms to route customer orders through them, a move that resulted in customers paying higher prices to execute trades. The company neither admitted or denied guilt while paying the penalty.