The probe is in advanced stages and focuses on Robinhood's failure to fully disclose its act of selling customers' orders to market-makers, sources familiar with the matter told The Journal. The brokerage could be forced to pay a fine of more than $10 million if it settles with the SEC.
A fine hasn't yet been negotiated between the two sides, one source said. A deal is unlikely to be announced this month, according to The Journal."We strive to maintain constructive relationships with our regulators and to cooperate fully with them," a Robinhood spokesperson told Business Insider.
Wheres the class action lawsuit... we’re the product it seems. So we have worth and that worth needs to be paid out to every user.
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