When does _somebody_, _anybody_ go to jail for fraud?
Old news, over a year ago. It had to do with disclosures about funneling the trades to select HFTs who gave them a kickback.
They just changed the fine print disclosures, (which no one reads anyway,) and they were good to go.
SEC should shut down naked shorts.
This whole story is wrong. Redit and Robinhood don’t have enough money behind them to cause this situation. There is a much bigger player in the market. Someone like China, could be attacking our market and our short sellers by coordinating an attack on a few stocks. You need Billions of dollars to cause this situation. If ten thousand little guys throw a thousand dollars at this, they don’t make a dent. Trust me, there has to be a large player here. And the feds can figure out who that player is.
“””Robinhood takes a user’s stock order and sells it to a larger trading firm that executes the trade, a process known as “payment for order flow,” the SEC order states.
Robinhood made no mention of payment for order flow rates, federal regulators said, at a time when the company was rapidly growing. While Robinhood markets its services as “commission free,” the SEC claims that customers in reality received inferior trade prices”””
OK SEC, if you are going to fine Robenhood $65 million for this practice, then you also better start fining the many other brokerage firms who have ZERO commission fees.
65 Million to these white liberal ‘elite’ crooks is like five bucks for me. It’s NOT even a slap on the wrist.
Old news, small fine...they likely knew they’d get the fine and priced it in in advance.
But playing the stock market is a game.
So, which far left group will be the recipient of the fine money?
Where do they pull these numbers from... their ass?
Where is the due process here?
They just accuse them, find them guilty, and fine them all at once?
I don’t know if they did something or not, but this seems just wrong!
Man pure BS fine. Fines exist to punish those that don’t have money. Until there is a way to call these hedgers in a meaningful way, either through changes in laws or overhauling the system in which they are allowed to get away with such garbage, nothing will change.
I knew Robinhood was bad news when I saw their Menlo Park, CA address. Nothing good comes out Silicon Valley these days.
So let me get this straight. A bunch of novice rubes who are too dumb to trade bashed in the skulls of the cream of the crop of the intelligentsia on Wall Street?
They accidentally cornered a market even though they expressly stated that was their goal.
These hedgefund pirates/vultures/hyenas political donations sure do pay off well.
how many trades does a person need to make in order to be experienced?
LAST December....
65 mil?
For these guys?
65 mil won’t cover 6 months green fees...
This is a story of billionaires battling billionaires
Nine Investors Instantly Make $16 Billion On GameStop Stock ‘Squeeze’
Anyone still using these crooks or others like them should RUN and take your $ with you while you can!
They were fined in 2020. Didn’t seem to phase the thieves at all.