(RoyalPatriot.com )- Last Thursday, popular mobile trading app service Robinhood released its first public offering prospectus to the Securities and Exchange Commission. It revealed that a former commissioner of the SEC, who is their chief legal officer, earned more than $30 million from the trading platform in the last year alone.
Dan Gallagher, who worked as a commissioner for the SEC between 2011 and 2015, joined the board of Robinhood in October of 2019 and was promoted in May the next year. He works alongside Chief Operating Officer Gretchen Howard and takes in significant sums of money for his work.
The prospectus revealed how Gallagher took home a total of $30,067,914 in the last year alone. His base salary, however, is just over $250,000. That means he received the rest in benefits – specifically, some $4.2 million in bonuses and $24 million worth of stocks. This money, according to Robinhood, will be paid out to Gallagher over the next four years.
Isn’t it kind of suspicious that a former SEC commissioner would be raking in a sum this huge for a company making its first public offering?
The filings also show how the company currently has $82 billion worth of assets and almost 18 million active monthly users, with half of those being first-time investors.
When Robinhood finally goes public, its ticker on NASDAQ will be “HOOD.”
If there is something funny going on here, it might not be too surprising. The company was just fined a massive $70 million by the Financial Industry Regulatory Authority, after it was accused of misleading millions of its customers following a huge outage in March 2020.