Practice Management

The regulator found firm employees were using unapproved texting apps for business and failing to archive the communications. It follows earlier settlements made with large firms like Bank of America, Morgan Stanley, LPL and Raymond James.

Two Robinhood entities “failed to observe a broad array of significant regulatory requirements,” according to the SEC.

The investigation, which spanned four years and involved 14 state regulators, revolved around how the firm supervised the transferring of brokerage account assets into advisory accounts.