Robinhood accused of manipulating customers by Massachusetts regulator
The complaint marks the first time the state s fiduciary rule is being used to bring charges against a brokerage firm
December 16, 2020 2 MINS
Massachusetts regulators filed a complaint against Robinhood on Wednesday related to the trading app’s use of gamification strategies to attract inexperienced investors and its failure to prevent frequent outages and disruptions on its trading platform.
The 23-page complaint filed by the office of William Galvin, the Secretary of the Commonwealth of Massachusetts, marks the first time the state’s fiduciary rule is being used to bring charges against a brokerage firm since the office began enforcing the rule in September.
Regulators slam Robinhood for targeting newbie investors with aggressive marketing
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Low Oil Prices Force Saudi Arabia To Cut 2021 Budget Plan Saudi Arabia reduced its budget plan for 2021 by 7 percent from this years in response to the economic fallout of the pandemic, which pushed oil prices to multi-year lows. Reuters reported that Riyadh will spend some $264 billion next year, or 990 billion riyals, as it battles a substantial deficit resulting from the latest oil price collapse. Earlier this year, the Kingdom was forced by oil market circumstances to implement some unpopular austerity measures, including a triple increase in value-added tax and the cancellation of so-c
December 16, 2020 @ 8:29 am By JD Alois
Robinhood, a digital investment platform that has encouraged a new generation of investors to enter the markets, is a target of an administrative complaint by the State of Massachusetts, according to the WSJ.com
According to the report,
Massachusetts Securities Division said that “Robinhood failed to protect its customers and their assets, violating state laws and regulations. Robinhood exposed Massachusetts investors to “unnecessary trading risks” by “falling far short of the fiduciary standard” adopted this year that requires broker-dealers to act in their clients’ best interest.”
Robinhood has emerged as a popular investment platform catering to a younger demographic with the opportunity to purchase fractional shares – commission-free – or invest in popular cryptocurrencies. The Fintech’s low-cost approach has rattled more established trading platforms such as Schwab and ETrade, compelling these firms to compete with
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