A Wall Street regulator has ordered the retail trading platform Robinhood to pay more than $70m in penalties for causing what it described as “widespread and significant” harm to its customers.
The Financial Industry Regulatory Authority (Finra) announced on Wednesday that it was fining Robinhood $57m and ordering it to pay $12.6m plus interest in restitution to its customers—the largest penalty ever ordered by the regulator.
Among a litany of failures alleged by Finra, widespread technical problems on the platform during periods of high volatility cost some traders tens of thousands of dollars, it said.
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