The Financial Industry Regulatory Authority (FINRA) announced on Wednesday that it’s fining Robinhood nearly $70 million to settle expenses over points it recognized with the corporate’s inventory buying and selling service. The authority claims that the monetary app firm uncared for its obligation to oversee trades, preserve its personal expertise, and shield its clients. The fantastic is the biggest in FINRA’s historical past and Robinhood has agreed to pay.

FINRA says since 2016 Robinhood has periodically offered false and deceptive data on matters like whether or not clients have been in a position to place trades on margin (utilizing credit score from Robinhood to purchase shares), together with displaying inaccurate data in its app on how a lot money was in clients’ accounts.

The authority’s announcement doesn’t particularly determine the case, nevertheless it does seem to obliquely reference the loss of life of Alex Kearns, who died by suicide after discovering a detrimental $730,000 steadiness in his Robinhood account from unintentional margin trades. Robinhood was sued following Kearns’ loss of life and finally settled for an undisclosed quantity.

FINRA additionally takes subject with Robinhood’s reliance on algorithms to approve clients for choices buying and selling and the outages the platform has suffered, locking clients out of their accounts “during a time of historic market volatility.”

For these errors and failing to report buyer complaints to FINRA, the monetary authority is requiring Robinhood to pay a $57 million fantastic and $12.6 million in restitution to affected clients. Robinhood hasn’t owned as much as FINRA’s complaints or denied them, nevertheless it did say in an announcement that:

We are glad to place this matter behind us and sit up for persevering with to give attention to our clients and democratizing finance for all.

The timing for all of that is fairly poor for Robinhood. While FINRA doesn’t straight take subject with the corporate’s position within the rush to purchase GameStop inventory earlier this 12 months, Robinhood is anticipated to go public quickly, and a multimillion-dollar fantastic is type of a huge blemish.

Robinhood is making an attempt to deal with a few of FINRA’s issues with out totally acknowledging them. In a company blog post revealed on Wednesday, Robinhood introduced it’s increasing its buyer assist staff, planning on providing “enhanced in-app educational resources,” and making an attempt to deal with the problems round offering correct buyer data and supervision on trades. Your guess is nearly as good as mine whether or not that can be sufficient.