"The fine… reflects the depth and seriousness of Robinhood's wrongdoing, including FINRA's findings that Robinhood provided millions of its customers with incorrect and misleading information," stated Jessica Hopper, FINRA's Head of Enforcement. A Robinhood user committed suicide in 2020 after getting perplexed by notifications in his account that appeared to imply he had switched off margin trading and incorrectly displayed a negative cash balance, according to FINRA. According to FINRA, thousands of additional consumers lost more than $7 million as a result of identical misleading statements. Robinhood also failed to adequately manage its technology between 2018 and late 2020, resulting in a "series of disruptions and catastrophic system failures," including a major outage during the pandemic turmoil of March 2020, which resulted in clients losing money, according to FINRA.