US$14m SEC arrow twangs Robin Hood's SAR outlaw ways

Robin Hood Financial LLC and Robin Hood Securities LLC (together 'Robin Hood'), broker-dealers registered with the US Securities and Exchange Commission (SEC), are to pay a US$45 million penalty for wide-ranging rule breaches, from mismarking short sales in fractional shares as long through to failure to prevent access by a third party who was able to download "information related to millions of individuals": US$13.5million is attributable to failings to "timely file SARs [suspicious activity reports]" as required under the Exchange Act Section 17(a) and Exchange Act Rule 17a-8.

Robin Hood Financial LLC and Robin Hood Securities LLC (together 'Robin Hood'), broker-dealers registered with the US Securities and Exchange Commission (SEC), are to pay a US$45 million penalty for wide-ranging rule breaches, from mismarking short sales in fractional shares as long through to failure to prevent access by a third party who was able to download "information related to millions of individuals": US$13.5million is attributable to failings to "timely file SARs [suspicious activity reports]" as required under the Exchange Act Section 17(a) and Exchange Act Rule 17a-8. [1]