New York (CNN Business) Free stock-trading app Robinhood has agreed to pay a $65 million fine to the Securities and Exchange Commission to settle charges that it engaged in deceptive practices that hurt its clients. The SEC said that Robinhood benefited from completing trades at prices that were less than optimal for its clients. In aggregate, those fees deprived customers of $34.1 million, even after taking into account the savings from the commission-free trades. The regulators said the deception took place at a time when Robinhood's trading app was growing rapidly in popularity. The firm added 3 million funded accounts between January and April alone, a 30% growth spurt, according to an earlier statement from the company.

Source: CNN December 17, 2020 14:48 UTC