Robinhood Says U.S. Demanded Access to CEO Tenev’s Phone Records
- Brokerage discloses fresh probes, business risks ahead of IPO
- Firm says new rules could threaten its business model
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Robinhood Markets Inc., dogged by fines and regulatory scrutiny, revealed several new inquires from state and federal watchdogs as it seeks to sell shares in one of the year’s most anticipated public offerings.
Among the fresh disclosures made in its registration statement: U.S. prosecutors demanded access to Chief Executive Officer Vlad Tenev’s mobile phone, New York is poised to penalize the brokerage for alleged money-laundering lapses and brokerage regulators called it out for not reporting trades.