Robinhood has agreed to fork out $45 million to settle the investigation by the Securities and Exchange Commission over several alleged violations, reported in the Wall Street Journal on Friday. The settlement is made through two Robinhood brokerage units. One such breach was related to Robinhood’s confirmation in November 2021 that it was hacked “with more than five million customer email addresses and two million customer names captured, as well as smaller, more specific customer data.” The SEC alleged that two units covered by the settlement — Robinhood Securities and Robinhood Financial — did not “adopt adequate policies and procedures to protect customer information,” the WSJ reported. The Robinhood unit also failed to create a program to protect customers from identity theft, the SEC also charged.
