Ok, it seems that the investigators steam from this, 20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative.
And we have been discussing that Robinhood should be held liable, and it seems that SEC has step up with probably a civil case against them and it's just about time, in my opinion.
And we have been discussing that Robinhood should be held liable, and it seems that SEC has step up with probably a civil case against them and it's just about time, in my opinion.
The investigation is apparently at an "advanced" stage, so the SEC must have been looking into their relationships with high-speed trading firms long before that suicide happened.
Supposedly they are looking at a $10 million fine, which is a drop in the bucket compared to the $200 million they just raised in another round of seed funding. It will make for a rough quarter for Robinhood whenever they settle the case, but I'm sure they made much more than $10 million selling their customers' orders to these firms. Now they basically just need to pay a fine and put something in the fine print about it.
