Business ProfileforRobinhood
Current Alerts For This Business
On April 4, 2023, Robinhood Financial, LLC entered into a consent agreement (CRD NO: 165998) with the Commissioner of Financial Protection and Innovation (CFPI).
The consent agreement stems from an investigation brought by state securities regulators from Alabama, Colorado, California, Delaware, New Jersey, South Dakota and Texas. According to court documents, it was alleged that Robinhood was negligent in inaccurate information it provided to customers, including margin and risk associated with multi-leg options spreads, provided an inadequate identification program, failed to supervise technology critical to providing customers with broker-dealer services, provided an inadequate system for customer service inquiries, failed to exercise due diligence before approving certain option accounts and failing to report customer complaints the Financial Industry Regulatory Authority and state securities regulators as required.
Without admitting or denying the findings, Robinhood in addition to internal changes already implemented, was ordered to pay up to $10.2 million in penalties. $200,000.00 in penalties will be paid to CFPI for violations of corporate securities law.
At-a-glance
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Overview
Business Details
This is a multi-location business.
- Headquarters
- 85 Willow Rd, Menlo Park, CA 94025-3656
- BBB File Opened:
- 9/26/2018
- Years in Business:
- 12
- Business Started:
- 8/13/2012
- Business Incorporated:
- 8/30/2012
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
- Type of Entity:
- Limited Liability Company (LLC)
- Number of Employees:
- 2000
Customer Complaints
1,823 Customer Complaints
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File a ComplaintMost Recent Customer Complaint
10/31/2024
- Complaint Type:
- Product Issues
- Status:
- Resolved
Customer Reviews
223 Customer Reviews
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Most Recent Customer Review
Terry H
1 star11/09/2024
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