June 5, 2021
The fine is nothing compared to what they cost the users. This is an insult to the public. The public has been getting steam rolled for far too long by Wall Street, literally everyone knows it, and the SEC (you) is known to give penalties that don't disincentivize any of this activity. They steal billions and pay millions in fines - what a profitable business model.
It's also known that people from the SEC leave and take jobs at Citadel, so they are lenient. Everyone knows they commit crimes in legal great areas, and yet the SEC, whose job it is to police, somehow can't stop it.
This is your (the SEC) reputation on the line, the public is watching after the new retail investing trend. We saw Gary Gensler just get fired and the public will call for more heads if you don't do the right thing.
When Robinhood halted trading of GameStop etc. in January, the CEO openly admitted they did that to prevent their own company from going broke. In other words caused billions of dollars in losses to the public by crashing to price, to save themselves after THEY made a mistake. In markets there is risk, but not for these guys who don't play by the rules.
This fine needs to send a message. Robinhood deserves to go broke, and if the SEC wants to earn a shred of respect form their employer (the public) they need to make this fine count. Every cent they made from screwing over the retail public should be paid, plus about triple that amount to disincentivize this behavior from them or anyone else in the future.
Go read social media, you guys are a joke the public. You know your fines don't do anything, that's why fraud continues to happen (naked short selling anyone?). Here is your chance to gain some respect, people are watching this closely because they took money from a lot of people