FINRA fines Robinhood $26m and orders $3.75m restitution to customers for violations related to AML, supervision, and disclosure

Key violations include mishandling market orders by improperly converting them to limit orders, failing to implement robust AML programs that resulted in the inability to detect suspicious activities (including manipulative trading, suspicious money movements and instances where customers’ accounts were taken over by third-party hackers) and inadequate supervision of social media promotions, including misleading statements made by paid influencers…