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Massachusetts Seeks Revocation of Robinhoods Registration [Video]

Massachusetts securities regulators on Thursday asked that Robinhood Financial LLC’s registration as a broker-dealer in the state be revoked to prevent the popular online brokerage from doing business there.

The regulators said Robinhood has “continued a pattern of aggressively inducing and enticing trading among its customers,’’ in a follow-up filing to a complaint filed by the state against the company in December.

The state pointed to recent decisions by Robinhood, including its promotion giving customers cash rewards based on new deposits, as demonstrative of “a firm culture which has not changed” after the filing of the December complaint. It added that Robinhood’s actions pose “a substantial and continued risk to Massachusetts investors.”

In a response, Robinhood said in a blog post Thursday that “the complaint reflects the old way of thinking: That new, younger, and more diverse investors don’t have a place in the markets.”

“By trying to block Robinhood, the division is attempting to bring its residents back in time and reinstate the financial …

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Mandy McEwen Mandy McEwen is the Founder and CEO of Mod Girl Marketing and Luminetics. She was named a top 24 B2B Marketer by LinkedIn, listed in Search Engine Journal as a Top 12 SEO Expert, and named a Top 20 Female Marketer by G2. Leveraging LinkedIn and thought leadership marketing, Mandy and the Mod […]