Investing.com -- Shares of Robinhood Markets (NASDAQ: HOOD ) fell as two of its divisions, Robinhood Securities and Robinhood Financial, agreed to pay close to $30 million to settle allegations made by the Financial Industry Regulatory Authority (Finra).

The stock experienced a 6.6% drop, trading at $41.50 in premarket trade.

Finra, a well-known Wall Street self-regulator, revealed after the market closed on Friday that it had identified violations at Robinhood Securities and Robinhood Financial.

These violations pertained to anti-money laundering protocols, disclosure practices, and supervision of the clearing system. Some of these violations traced back over a decade.

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