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Robinhood case to test Massachusetts fiduciary rule

Robinhood case to test Massachusetts fiduciary rule But an investor advocate praises the state for targeting conduct other than outright fraud December 17, 2020 2 MINS Massachusetts regulators took on a difficult case against Robinhood to debut the state’s strengthened investment advice standard for brokers, compliance lawyers said. On Wednesday, Secretary of the Commonwealth William Galvin charged the rapidly growing online trading platform with violating the Massachusetts fiduciary rule that went into force in September. Under the regulation, brokers must make financial recommendations without regard to their own financial interests. In its order, Massachusetts alleged that Robinhood targeted young people with little investment experience, used gamification strategies to entice them to make repeated trades, and failed to maintain the platform’s infrastructure, which led to frequent outages.

United statesBarbara roperPeter dugasWilliam galvinKurt wolfeKevin walshExchange commissionConsumer federation of americaGroom law groupMassachusetts securities divisionCommonwealth william galvinEnforcement sectionGroom lawConsumer federationRegulation best interestRobinhood thursday

Robinhood Settles S E C Charges Over Misleading Customers

Robinhood Pays $65 Million Fine to Settle Charges of Misleading Customers Millions of investors have turned to Robinhood in recent years, lured by a sales pitch of no trading fees. The charges announced on Thursday apply to Robinhood’s disclosures from 2015 to late 2018, the regulator said. Baiju Bhatt and Vladimir Tenev, Robinhood’s co-founders, in 2018. Millions of investors have turned to the app in recent years.Credit.Reuters Dec. 17, 2020 Robinhood, a fast-growing financial app, has attracted millions of young customers in recent years by making it fun and free to trade stocks, as well as riskier investments like options and Bitcoin.

United statesWilliamf galvinDan gallagherMassachusetts securities divisionஒன்றுபட்டது மாநிலங்களில்டான் கல்லாகர்மாசசூசெட்ஸ் பத்திரங்கள் பிரிவு

Robinhood pays $65M to settle SEC charges for past inferior pricing execution, misleading customers

Robinhood pays $65M to settle SEC charges for past inferior pricing execution, misleading customers
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United statesDan gallagherMassachusetts securities divisionChief legal officer dan gallagherஒன்றுபட்டது மாநிலங்களில்டான் கல்லாகர்மாசசூசெட்ஸ் பத்திரங்கள் பிரிவுதலைமை சட்டப்பூர்வமானது அதிகாரி டான் கல்லாகர்

Robinhood Reaches $65 Million Settlement with SEC Over Misleading Communication

Robinhood Reaches $65 Million Settlement with SEC Over Misleading Communication Last Updated: 17 December 2020 Robinhood, the popular stock trading app, has been under significant scrutiny this week following some of its marketing and technical practices. While the company still has a great deal to answer for, it has managed to ward off a case from the Securities and Exchange Commission (SEC). False Advertising and Hidden Charges Robinhood and the SEC have reached a $65 million settlement over misleading communication with its millennial clientele, per an official press release. The SEC had accused Robinhood of misleading statements and omissions concerning its fee structure, leading many unsuspecting traders to sign up for its service.

United statesCommonwealth of massachusettsWilliam galvinExchange commissionMassachusetts securities divisionRegulators are comingMassachusetts securitiesWall street journalஒன்றுபட்டது மாநிலங்களில்காமன்வெல்த் ஆஃப் மாசசூசெட்ஸ்வில்லியம் கால்வின்பரிமாற்றம் தரகுமாசசூசெட்ஸ் பத்திரங்கள் பிரிவுகட்டுப்பாட்டாளர்கள் உள்ளன வருகிறதுமாசசூசெட்ஸ் பத்திரங்கள்சுவர் தெரு இதழ்

Massachusetts accuses stock trading app Robinhood of predatory marketing

Massachusetts accuses stock trading app Robinhood of predatory marketing Maggie Fitzgerald, CNBC © Provided by NBC News Stock trading app Robinhood is being accused of using reckless, exploitive business tactics on its millennial clientele. “The worst aspect of what they do clearly is the way they are gamifying the idea of investing,” Massachusetts Secretary of the Commonwealth William Galvin told CNBC’s “Squawk Alley” on Wednesday. “This is a very reckless company when it comes to these investors. They’re interested in expanding their market base, they’re not interested in serving their investors,” Galvin said. The complaint cites Robinhood’s “aggressive tactics to attract inexperienced investors, its use of gamification strategies to manipulate customers, and its failure to prevent frequent outages and disruptions on its trading platform.” The complaint is the first enforcement of Massachusetts’ Fiduciary Rule, which Galvin began

United statesWilliamf galvinWilliam galvinMassachusetts securities divisionCommonwealth william galvinMassachusett fiduciary ruleஒன்றுபட்டது மாநிலங்களில்வில்லியம் கால்வின்மாசசூசெட்ஸ் பத்திரங்கள் பிரிவுகாமன்வெல்த் வில்லியம் கால்வின்