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I have to say that I agree. I think a punishment and/or fine should have been implemented. But $70M? Where does that money go anyway?
by Vaslo 5y ago
I have to say that I agree. I think a punishment and/or fine should have been implemented. But $70M? Where does that money go anyway?
- smeyer 5y ago>Where does that money go anyway? I believe that FINRA keeps its fines and uses it for operating expenses, which are also partially funded by annual fees paid by its members and maybe other funding sources.
- elliekelly 5y agoEgregious conduct is (and has been) punished by license revocation or revocation of FINRA membership. It may be the largest monetary fine ever levied but it certainly isn’t the harshest punishment.
- elihu 5y ago12.6 million goes to customers, according to the article. > Robinhood's resolution with FINRA includes $12.6 million in restitution to thousands of customers and a $57 million penalty, the largest in the regulator's history, and covers a range of issues dating back to September 2016, FINRA said in a statement.