Several days after the Securities and Exchange Commission (SEC) published its proposed plan for the distribution of monies paid by Robinhood to settle allegations about violations it committed from July 1, 2016 through June 30, 2019, the public comments are flooding the SEC’s website.

The $65 million penalty that Robinhood has agreed to pay to settle the charges seems pretty inadequate to the authors of all of the 79 comments that have been officially submitted to the SEC.

Although some of the comments on the SEC’s website include the names of those who comment, FNG will refrain from posting these names out of respect for personal data protection laws. However, if the readers wish to consult the original comments (with the names), they may do so by visiting this page.

  • June 5, 2021

Im sure whatever punishment you decide for Robinhood will be insufficient. Were it decided by a jury of unbiased American people rather than proxies of incest between the banks and the government, the parties responsible might see lifetimes in prison, their wealth repossessed and fairly distributed to the people from whom they stole.

  • June 5, 2021

If the penalty for a crime is a fine, then that law only exists for the lower class

  • June 5, 2021

The fine being assessed to Robinhood for this crime is insultingly low. It’s not even a slap on the wrist. I demand my government and SEC take seriously the responsibility that we have entrusted you as citizens. Please reasses your penalty structure so that nefarious actors in the markets don’t simply factor in fines as \”the cost of doing business.\” The fine must be more than the profit made by breaking the law or there is no incentive for criminals to stop defrauding American taxpayers. Indeed, with the current fine structure, and glacial enforcement pace, they are REWARDED for their fraudulent activity.

  • June 5, 2021

We need to make these financial institutions accountable. A 65mil fine is just a drop in the bucket for the money they have made off of illegal activity they have done to retail investors.

  • June 5, 2021

I am highly concerned about the harm done by Robinhood. My accounts with them have been moved because of details that were made public during the Congressional Hearing. The health of our US market has to be vigilantly protected. We expect the SEC to make a bold stand on this (and many recent issues). We expect to see accountability and we know exactly where the investigations should be focused. The whole world is watching.

  • June 5, 2021

I had no idea that my trade data was sold so people can profit from it. I had no idea Robinhood could manipulate the market and lie to account holders. They are incredibly scummy and prey on retail investors inequality in the real market.

Please stand up to these career criminals and help actually democratize finance by dismantling payment for order flow & predatory behavior towards retail investors.

  • June 6, 2021

I am glad to see that the SEC is doing something about payment for order flow (PFOF) but these punishments are by no means going to change a thing. As long as the SEC continues to allow these type of things to happen for years before finally dealing the slap on the wrist, nothing will change. Either significantly increase the charges to hundreds of millions, put them out of business or even better just ban PFOF outright. Lastly, please don’t make this strictly about Robinhood customers because in reality this is market manipulation and it literally affects ALL investors.

  • June 7, 2021

This is egregious. Only a $65 million dollar fine for an affront that has earned billions in an unethical manner. This number should be much higher – possibly based on income related to the payment for order flow. A fine needs to discourage the practice not just be a cost of business.

  • June 7, 2021

Is there going to be an additional penalty to Robinhood for the limiting of Sales of specific stocks during the 12/20-02/21 time frame?

Or is there going to be anything for the robo support that it offers that can take literal weeks to get a response?

  • June 7, 2021

As an average Joe working a blue-collar job and trying to provide for my future by investing in the US stock market I feel that the actions of Robinhood, as well as all other brokers, and their use of payment of order flow, is an unethical action on their part that seriously detracts from the faith in the US markets. As the actions of Robin Hood and wall Street in general become more clear due to media coverage it shows me that the system is rigged against the common man in favor of a select few.

  • June 7, 2021

Good afternoon,

I am a former Robinhood customer and I am disappointed and disgusted to see the lack of enforcement the SEC has provided to the retail investors of this country. The SEC has failed to adequately 1) fine Robinhood an appropriate amount (The amount fined is FAR too low and MUST be increased) 2) hold those criminally responsible for crimes against citizens of this country 3) Lying under oath of congress 4) lying to their clients, customers, and profiting off of loopholes without knowledge or consent of their customers and 4) STILL manipulate, work with, and restrict retail investors from trading properly. Robinhood should be broken apart immediately.