Article: FINRA Orders Record Financial Penalties Against Robinhood Financial LLC

Article - Media

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.

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Article: Bitcoin’s reputation as a government-free zone is in question after the US snatches $2.3 million from hackers

Article - Media

Bitcoin’s reputation as a government-free zone is in question after the US snatches $2.3 million from hackers

Harry Robertson, 08 June 2021

Bitcoin’s fans have long argued that its decentralized design makes it a currency free from government control and manipulation. But on Monday, the US Justice Department said it had reached into a bitcoin “wallet” and swiped back $2.3 million that Colonial Pipeline had paid to hackers after a ransomware attack in May.

Analysts said the dramatic move raised questions about just how free from state oversight bitcoin really is.
“The rapid move by US agents in tracing and tracking the ransom paid, then retrieving it after gaining access to a private key to unlock the bitcoin wallet, is a blow to crypto fans who have lauded its untraceable nature,” said Susannah Streeter, senior investment analyst at broker Hargreaves Lansdown. Continue reading “Article: Bitcoin’s reputation as a government-free zone is in question after the US snatches $2.3 million from hackers”

Fined: Goldman Sachs Execution & Clearing Fined by FINRA (July 2015)

Article - Media, Fined

FINRA Fines Goldman Sachs Execution & Clearing, L.P. $1.8 Million for OATS and Trade Reporting Failures

Michelle Ong, Nancy Condon

FINRA.org, 27 July 2015

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Goldman Sachs Execution & Clearing, L.P. $1.8 million for systemic Order Audit Trail System (OATS) reporting violations spanning a period of more than eight years, failure to accurately submit required trade reports to the appropriate FINRA Trade Reporting Facility (TRF), and related supervisory failures.

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Fined: Goldman Sachs & Co. Fined by FINRA (April 2012)

Article - Media, Fined

Goldman, Sachs & Co. Fined $22 Million for Supervisory Failures Relating to Trading and Equity Research

Michelle Ong, Nancy Condon

FINRA, 12 April 2012

The Financial Industry Regulatory Authority (FINRA) today announced that it has fined Goldman, Sachs & Co. $22 million for failing to supervise equity research analyst communications with traders and clients and for failing to adequately monitor trading in advance of published research changes to detect and prevent possible information breaches by its research analysts. The Securities and Exchange Commission (SEC) today announced a related settlement with Goldman. Pursuant to the settlements, Goldman will pay $11 million each to FINRA and the SEC.

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