TSK TSK A Wall Street regulator ordered Robinhood to pay about $70 million for “systemic supervisory failures” and hurting investors by giving them “false or misleading information.” That’s big. In fact, it’s the largest penalty ever imposed by Wall Street’s self-regulating body, the Financial Industrial Regulatory Authority, or FINRA. THE BACKSTORY Robinhood’s less than a decade old, but its “no-fee” model has fundamentally disrupted the investing world. But the bigger it gets, the bigger its headaches. OUTAGES: Robinhood experienced a series of outages and system failures between 2018 and 2020. A March 2020 outage caused individual customers to lose tens of thousands of dollars, FINRA said.