Robinhood agrees to pay $45 million in settlement to the SEC

Robinhood has agreed to pay $45 million to settle an investigation by the Securities and Exchange Commission into several alleged violations. I mentioned Wall Street Journal on Monday.

Settlement is done through two of Robinhood’s brokerage units. One of the breaches involves Robinhood Confirmed November 2021 It was hacked “taking more than five million customer email addresses and two million customer names, as well as a much smaller set of more specific customer data.”

The SEC alleged that the two units covered in the settlement — Robinhood Securities and Robinhood Financial — did not “adopt adequate policies and procedures to protect customer information,” the Wall Street Journal reported.

Robinhood units also did not put in place a program to adequately protect customers from identity theft, the SEC also charged.