Robinhood has agreed to spend $45 million to settle a Securities and Exchange Commission investigation into several alleged violations. reported. The Wall Street Journal reported Monday.
Settlement is provided by Robinhood's two brokerage units. One of the breaches involved Robinhood. Confirmed November 2021 “More than five million customer email addresses and two million customer names were compromised, and a more specific set of customer data was hacked.”
The SEC alleged that the two covered units, Robinhood Securities and Robinhood Financial, “did not follow adequate policies and procedures to protect customer information,” the WSJ reported.
The Robinhood units also failed to put in place a plan to adequately protect customers from identity theft, and the SEC also sued.