FINRA Orders Record Financial Penalties Against Robinhood Financial LLC
Firm Ordered to Pay Approximately $70 Million for Systemic Supervisory Failures and Significant Harm Suffered by Millions of Customers
WASHINGTON—FINRA announced today that it has fined Robinhood Financial LLC $57 million and ordered the firm to pay approximately $12.6 million in restitution, plus interest, to thousands of harmed customers. The sanctions represent the largest financial penalty ever ordered by FINRA and reflect the scope and seriousness of the violations. In determining the appropriate sanctions, FINRA considered the widespread and significant harm suffered by customers, including millions of customers who received false or misleading information from the firm, millions of customers affected by the firm’s systems outages in March 2020, and thousands of customers the firm approved to trade options even when it was not appropriate for the customers to do so.
Subject: Jessica Hopper
Subject of Interest
Jessica Hopper is Executive Vice President and Head of Enforcement, responsible for FINRA’s disciplinary actions across the country. Prior to joining FINRA, she was part of Legg Mason Wood Walker, Inc.’s Legal & Compliance team, where her responsibilities focused on retail sales compliance. Hopper holds a J.D. from the University of Toledo College of Law and earned a B.A. from Hillsdale College.
