Robinhood has agreed to fork out $45 million to settle an investigation by the Securities and Exchange Commission over several alleged violations related to customer data protection.
The SEC alleged that Robinhood Securities and Robinhood Financial did not adopt sufficient policies and procedures to protect customer information, resulting in a breach affecting over five million customers.
The settlement addresses the failure of Robinhood units to implement proper protective measures against identity theft and to secure sensitive customer information.
The violations stemmed from a significant hacking incident in November 2021, where more than five million customer email addresses and two million names were compromised.
Collection
[
|
...
]