In addition to the payment of a $65 million penalty, the online brokerage startup agreed to a cease-and-desist order prohibiting it from violating the antifraud provisions of the Securities Act of 1933 and the recordkeeping provisions of the Securities Exchange Act of 1934.
Robinhood also agreed to hire an independent consultant to review its policies and procedures relating to customer communications, payment for order flow, and best execution of customer orders, and to ensure that it is effectively following those policies and procedures.
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