Robinhood, the popular trading platform, consents to a staggering $45 million payout in a recent SEC settlement tied to alleged data violations. This latest development was brought to light by the Wall Street Journal.
The arrangement involved two of Robinhood’s brokerage departments, implicated in the breach back in November 2021, where over five million customer email addresses and two million customer names were disclosed.
According to a WSJ report, both Robinhood Securities and Robinhood Financial failed in implementing robust procedures and policies to safeguard sensitive customer information.
Furthermore, the SEC charged these units for their inability to establish an adequate program with optimized protection measures against identity theft, for its ever-expanding user base.
Original source: Read the full article on TechCrunch
