Finance

Robinhood is reportedly under SEC investigation, could pay $10 million fine

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Popular trading platform Robinhood is under investigation related to its disclosures around its practice of selling clients’ orders to high-frequency traders, the Wall Street Journal reported Wednesday.

The Securities and Exchange Commission’s probe into the Silicon Valley start-up is at an advanced stage and could result in a fine of more than $10 million if the company agrees to settle, the Journal reported, citing people familiar with the matter.

Selling order flow is not illegal in itself and most brokerages do it. However, more of Robinhood’s overall revenue comes from the practice than other brokers.

Robinhood made $180 million in trading revenue in the second quarter, roughly…



Source cnbc.com

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