UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 98289 / September 5, 2023

ADMINISTRATIVE PROCEEDING

File No. 3-20171

In the Matter of

Robinhood Financial, LLC,

Respondent.

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ORDER DIRECTING THIRD 

DISBURSEMENT OF FAIR FUND

On June 4, 2021, the Division of Enforcement, pursuant to delegated authority, published 

a Notice of Proposed Plan of Distribution and Opportunity for Comment (“Notice”),1pursuant to 

Rule 1103 of the Commission’s Rules on Fair Fund and Disgorgement Plans (“Commission’s 

Rules”);2and simultaneously posted the Proposed Plan of Distribution (the “Proposed Plan”). 

The Notice advised interested persons that they could obtain a copy of the Proposed Plan from 

the Commission’s public website or by submitting a written request to Noel Gittens, United 

States Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-5876. 

The Notice also advised that all persons desiring to comment on the Proposed Plan could submit 

their comments, in writing, within 30 days of the Notice. The Commission received one hundred 

twenty-three (123) comments on the Proposed Plan during the comment period. On August 6, 

2021, after a thorough review and substantial consideration of all the comments received, the 

1

 Exchange Act Rel. No. 92115 (June 4, 2021).

2

 17 C.F.R. § 201.1103.
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Division of Enforcement, pursuant to delegated authority, issued an order approving the 

Proposed Plan without modification,3and posted the approved Plan of Distribution (the “Plan”). 

The Plan provides for the distribution of the Fair Fund, plus accumulated interest and 

earnings, less taxes, fees, and expenses, to the harmed investors according to the methodology 

set forth in the Plan. Pursuant to paragraph 20(d) of the Plan, eligible investors were required to 

submit additional information, including tax information, in order to receive a distribution 

payment.

On August 18, 2021, the Commission issued an Order Directing Disbursement of Fair 

Fund (“First Disbursement Order”).4 Pursuant to the First Disbursement Order, the Fund 

Administrator disbursed $25,673,783.30 to 85,139 eligible investors. On January 31, 2022, the 

Commission issued an Order Directing Second Disbursement of Fair Fund (“Second 

Disbursement Order”).5 Pursuant to the Second Disbursement Order, the Fund Administrator 

disbursed $6,549,141.13 to 5,783 eligible investors. There is $33,200,319.34 left in the Fair 

Fund. 

Since the second distribution, the Fund Administrator has received the necessary 

information from an additional 37 investors to establish their eligibility to participate in the 

distribution of the Fair Fund. Pursuant to paragraph 23 of the Plan, the Fund Administrator now 

recommends a disbursement of $1,121,522.89 from the Fair Fund, to compensate the additional 

37 eligible investors, who were not included in either of the prior distributions. The Fund 

Administrator has compiled the payee information (the “Payee List”) and submitted a payment 

3

 Order Approving Plan of Distribution, Exchange Act Rel. No. 92591 (Aug. 6, 2021).

4

 Exchange Act Rel. No. 92705 (Aug. 18, 2021).

5

 Exchange Act Rel. No. 94106 (Jan. 31, 2022).
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file for the third distribution to Commission staff with a reasonable assurances letter as to the 

completeness and accuracy of the information contained therein. 

The Commission staff has reviewed and accepted the payment file and requests, pursuant 

to Rule 1101(b)(6) of the Commission’s Rules, 17 C.F.R. § 201.1101(b)(6), that the Commission 

authorize the transfer of $1,121,522.89 from the Fair Fund to the Fair Fund’s escrow account at 

The Huntington National Bank for distribution by the Fund Administrator to the eligible 

investors identified on the Payee List in accordance with the Plan.

Accordingly, it is hereby ORDERED, that Commission staff shall transfer $1,121,522.89 

from the Fair Fund to the Fair Fund’s escrow account at The Huntington National Bank, and the 

Fund Administrator shall distribute such monies to the eligible investors identified on the Payee 

List in accordance with the Plan. 

For the Commission, by the Division of Enforcement, pursuant to delegated authority.6

Vanessa A. Countryman

Secretary 

6

 17 C.F.R. § 200.30-4(a)(21)(v).