June 5, 2021
The fine for Robinhoods undisclosed use of payment for order flow is way too low. Their practice has been extremely detrimental to us, their customers and shows a complete disregard for transparency and puts our financial well being at risk when our information and money is fed through market makers who use it to bet directly against us. This small fine is just a cost of doing business. You cannot expect people to change behaviors when the punishment is a no no finger wag compared to the devastating consequences it causes the average investor on their platform. This is robbery and fraud of the American people. Please take it seriously and treat it as such.