| Author | Source |
|---|---|
| u/MissionHuge |
| [Education 👨🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1) |
Apes, the boy from Bulgaria has officially started a gofundme. All contributions to be sequestered by the SEC for the benefit of apes.
In other news, the SEC instituted, among other enforcement actions, a cease-and-desist proceeding under file#3-20171 against Robinhood which resulted in the attached December 17, 2020 order in which RH conceded it breached its fiduciary obligation to its customers by engaging in non-disclosed and otherwise unlawful PFOF practices. In plain English, they admitted fraud.
The order imposes a $65mm penalty and sanctions against Robinhood. An additional order (not attached) was issued a few weeks back directing those amounts be set aside in a QSF administered by a court-appointed trustee for distribution to impacted apes (defined to mean Robinhood customers during the period 2015 to September 2018, when this particular fraudulent conduct was found to have occurred).
The factual findings shed light on RH’s PFOF practices and underscore the nature of the present conflict as it pertains to other broker-dealers (pay attention to the CSR’s).
Merits a close read and I promise you there are some good nuggets in here.
P.S. Can’t change the title but pardon my pronoun glitch.
Bada bing bada boom to the moon,
MH
EDIT 1: Also attached the order of reference for the fund administration.
EDIT 2: An ape just asked me to identify my source. This confuses me greatly. My source is the document I’ve attached in its entirety, which is part of the litigation file materials available at www.sec.gov under file no. 3-20171.
EDIT 3: I’m being downvoted by RH shills for posting the actual filed and entered order from the SEC. Yes, I know you would have preferred a hyperbolic narrative so you can do your thing, but there’s no twisting them words. No need to be coy Roy, make a new plan Stan.
EDIT 4: Changed PPOF to PFOF. Sorry for any confusion.
