“Who gets the $12.6M in restitution from the Robinhood settlement”
July 1, 2021
“On Wednesday, Robinhood reached a settlement with FINRA over a multitude of issues, agreeing to pay a fine of $57 million and restitution to customers of $12.6 million. In the 122-page settlement document against Robinhood, FINRA explains that the company “has paid or intends to pay…a total of $8,853,506.68” to customers who lost money because of misrepresentations about options spread transactions and outages between January 2018 and December 2020. Another $3.7 million is for other customers who suffered losses from options issues and margin call warnings…”
I received legal paperwork in the mail concerning this issue. I’ll just leave it at that.