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Robinhood cops record fine for outages and misleading customers

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Major Investing Firm Robinhood Financial has copped a $93 Million fine from the Financial Industry Regulatory Authority

Robinhood will pay close to $93 million AUD to settle a wide range of allegations, including that the investment firm gave customers misleading information while also allowing some users to make riskier trades after they lied about their trading experience.

The financial penalty is the largest ever ordered by the Financial Industry Regulatory Authority.

The FIRA is a non-governmental organisation that oversees the brokerage industr.

Head of FIRA’s department of enforcement Jessica Hopper said that the fine “reflects the scope and seriousness of Robinhood’s violations,”

Since its 2014 launch, Robinhood has shaken up the brokerage industry with zero-commission trading.

The investment firm is also renowned for its easy-to-use app that’s drawn a new generation of investors into the market.

Robinhood already has more than 31 million customers

Many of the finance firms customers were earlier getting left behind as the stock market rose without them. But it’s also faced criticism and penalties from a range of regulators over allegations that it encouraged novices to make trades too risky for them and hurt them in other ways.

Robinhood neither admitted nor denied the allegations in the settlement

Robinhood detailed how it has improved support for its customers, including the ability to call in and talk with a service representative for some issues that they encounter on the platform.

“We are glad to put this matter behind us 

RobinHood stated in a statement.

Robinhood is preparing to sell its own stock on the market in one of Wall Street’s most anticipated initial public offerings.

Author

  • Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Business

Why the Nintendo Switch console has let the gaming giant down

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Nintendo says it will buy back shares after its quarterly profit missed estimates

The company reported an operating income of 119.75 billion yen compared to their projection of 130 billion yen.

Nintendo says it plans to buy back up to 1.51% of its shares for 100 billion yen.

It saw a mixed picture with Switch hardware sales, which fell by 22% overall.

Investors are watching gaming firms closely for signals that the COVID-19 pandemic sales boom may be running out of steam. Nintendo is highly dependent on the cyclical console business, with sales of its devices traditionally peaking around the fifth year.

The devastating results from the Switch Lite

Nintendo saw sales of Switch Lite units more than halve to 1.14 million during the April-June quarter but maintained its full-year forecast for Switch hardware at 25.5 million units. It sold 4.45 million Switch consoles, including the Lite, during the quarter.

The creator of Super Mario and Animal Crossing said first-quarter operating profit fell 17% to 119.8 billion yen ($1.1 billion), falling short of a Refinitiv consensus estimate of 129.3 billion yen.

The games maker reported record earnings during the pandemic-fueled gaming boom.

Author

  • Jack is a journalist and producer at Ticker NEWS. He's previously worked for digital media publications in Australia and the US. Jack is particularly interested in reporting on international affairs and sport.

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Why Disney’s Star Wars hotel is only for the wealthy

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Disney has revealed pricing for its new, highly anticipated Star Wars hotel

Let’s just say it is not cheap.

The Disney-based hotel Galactic Starcruiser is a cruise ship set in space, but its price tag is only made for those with a thick wallet.

The hotel, which opens in Spring 2022, is billed by Disney as a “revolutionary new two-night experience.

The price?

$6,000 for two nights.

The ticket includes two nights at the hotel, food and drink (except for “alcoholic and specialty beverages”), admission to Disney’s Hollywood Studios park for a day to visit the Galaxy’s Edge park, and parking.

You’re mostly paying for the immersive Star Wars experience, which Disney says will offer an in-universe style adventure, complete with roleplaying staff who’ll ask you for help on quests or factions that you’ll be able to join during your trip. Guests will even be allowed (and even encouraged) to dress the part in Star Wars outfits.

So, enjoy your stay.

Authors

  • Jack is a journalist and producer at Ticker NEWS. He's previously worked for digital media publications in Australia and the US. Jack is particularly interested in reporting on international affairs and sport.

  • Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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T-Mobile confirms shutdown of Sprint’s LTE network

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America’s T-Mobile has revealed its takeover of Sprint Mobile, and confirmed the shutdown of the Sprint LTE network

T Mobile has committed to a June 30, 20-22 shutdown date of Sprint’s LTE network.

It’s an expected move as T-Mobile continues to absorb Sprint’s network and customers into its own base.

T-Mobile says that “most” Sprint LTE and 5G devices can work with its LTE or 5G network. It adds that those devices “will continue to operate on T-Mobile’s LTE and 5G networks,” so long as those Sprint users upgrade from Sprint-issued SIM cards to ones from T-Mobile. You will also need to make sure that Voice over LTE (also known as VoLTE) is enabled for voice calls. 

The carrier adds that it will be contacting those who might be impacted by the switch, stating that it already “began sending notifications late last year.”  

A third of Sprint customers have already been moved onto the T-Mobile network.

Author

  • Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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