Wyoming Secretary of State Reaches Settlement with Robinhood for Failing Investors

CHEYENNE, WY – On January 9, 2024, Wyoming Secretary of State Chuck Gray joined a multi-state settlement with Robinhood Financial LLC, resulting in Robinhood paying $200,000 to the Wyoming Secretary of State, to be deposited in the Public School Fund pursuant to the Wyoming Constitution.

The settlement stems from a multistate investigation sparked by Robinhood platform outages in March 2020, a time when hundreds of thousands of investors were relying on the Robinhood application to make trades. In addition, prior to March 2021, there were deficiencies at Robinhood in its review and approval pr...