June 6, 2021
While I understand this distribution plan is formalization of the process and it is likely too late to increase the financial penalty associated with the actions detailed in File No. 3-20171, I would like to formally endorse increasing the penalty to a more significant proportion of the likely gains received by Robinhood from 5 years of deceiving their customers. They are not first offenders, and from what we know of January they are now subsequent offenders. The recourse currently sset for them is seen as a cost of doing business and they will not stop illegal behavior or TAKING ACTIONS THAT JEOPARDIZE THE FAIRNESS AND VALIDITY of the US financial system.
Further, I believe they deserve to be punished severely and resolutely for their actions in January, selectively halting buys on specific stocks out of self-preservation. They literally shafted their customers out potentially millions of dollars and again, CALLED INTO QUESTION THE FAIRNESS AND VALIDITY of our markets. Decisive and definitive action should be taken against these entities in the market who show no regard for the rules or the well-being of those who finance their operations, their customers. I realize this is not temporally related to File No. 3-20171. Nevertheless, these considerations, I believe, are valid in determining an appropriate level of penalty.