Robinhood to Pay $45 Million to Settle SEC Claims (2)

Two units of Robinhood Markets Inc. agreed to pay $45 million in civil penalties to settle a range of US Securities and Exchange Commission allegations, the regulator said Monday.

Robinhood Securities LLC and Robinhood Financial LLC’s missteps include failing to report suspicious activity on time and not preserving electronic communications records, among other securities law violations, the SEC said in a cease-and-desist order.

“Two Robinhood firms failed to observe a broad array of significant regulatory requirements, including failing to accurately report trading activity, comply with short sale rules, submit timely suspicious activity reports, maintain books and records, and ...