Current Events > Robin Hood investment app led to a suicide

(+) Yeah! (+)

https://www.cbsnews.com/news/alex-kearns-robinhood-trader-suicide-wrongful-death-suit/

A young guy got in over his head and thought he owed a bunch of money after some bad trades. He tried to contact someone for help but couldn't reach anyone at Robin Hood. Then he killed himself. The next day they finally sent an email that said it had been a mistake and he didn't actually owe any money

Yeah this was from last year.

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Thanks for reposting an old article enjoy this gold!

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SK8T3R215 posted...

Thanks for reposting an old article enjoy this gold!

The article is from today. Maybe there was an update. But its dated today

I remember reading about that when it happened, really scary shit. I can't imagine going immediately to the decision he did, it is really tragic and the circumstances are just really fucked up all around.

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heard this on cbs, they gave him a million dollar line of credit even though he told them he had no experience. the app asks you, and if you say you have never invested, it turns you down for an account, then invites you to change your answer.

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First I've heard of it. But got damn.

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mustachedmystic posted...

heard this on cbs, they gave him a million dollar line of credit even though he told them he had no experience. the app asks you, and if you say you have never invested, it turns you down for an account, then invites you to change your answer.

Yea I have CBS on in the background and they just did this story is why I looked up this article. I do actually remember hearing something about this months ago. Probably when it first happened. I think the update is that the parents are suing Robin Hood

He was 20 he was old enough to understand the risk but still a sad story but not Robinhoods fault

mustachedmystic posted...

heard this on cbs, they gave him a million dollar line of credit even though he told them he had no experience. the app asks you, and if you say you have never invested, it turns you down for an account, then invites you to change your answer.

While I'm still fuzzy on the details about the first part, the fact of the matter is... it does not turn you down if you say you have no experience investing :\

Also pretty sure you have to go out of your way to do some really crazy options to get what he got, because the default option is just buying and selling regularly.

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Ya, people forget that RH had horrible risk management early on. many stories of people finding loopholes to get high amount of margin.
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lifespeedrunner posted...

He was 20 he was old enough to understand the risk but still a sad story but not Robinhoods fault

He tried to contact them and they didn't respond til after his death. I think they have some responsibility. They seem to agree cause while they won't admit it, they changed how hard it was for customers to contact them after this

LivingLegend posted...

Sure is c<u>OLD</u> in here.

Again, the article is dated today

They still haven't responded to me and they owe $200

Zikten posted...

He tried to contact them and they didn't respond til after his death. I think they have some responsibility. They seem to agree cause while they won't admit it, they changed how hard it was for customers to contact them after this

They have no more responsibility then casinos do. This train of thought that businesses should take responsibility for adults poor decision making, and not being financially or mentally prepared for the worst isnt good.

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Thought this was GME related.

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more blood on Biden's hands

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The covid lockdowns led to far more but you don't see them all bitching about it.

Prismsblade posted...

They have no more responsibility then casinos do. This train of thought that businesses should take responsibility for adults poor decision making, and not being financially or mentally prepared for the worst isnt good.

Itd be like while gambling, the casino says you owe $X, you try and talk to them about it but no one answers your support email, and then after you off yourself, the casino comes back and says whoa we added wrong, you actually won money!

Its definitely partially on RH.
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I'm surprised Robin Hood even potentially lets people get into debt?

Sure I understand losing life savings but damn the risk of debt should never be handled by automated services and algorithms. In this case the guy didn't even owe the money but sending out auto-generated emails that someone owes 700k just shouldn't happen regardless.

Prismsblade posted...

They have no more responsibility then casinos do. This train of thought that businesses should take responsibility for adults poor decision making, and not being financially or mentally prepared for the worst isnt good.

They said he owed 700k+ when he didn't.

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sktgamer_13dude posted...

Itd be like while gambling, the casino says you owe $X, you try and talk to them about it but no one answers your support email, and then after you off yourself, the casino comes back and says whoa we added wrong, you actually won money!

Its definitely partially on RH.

You cant always expect help to respond at a moments notice for situations such as this. And if I recall RHs system will tell you its wait times which are 24hr or more I believe?

As such if someone lacks the mental fortitude to not off themselves beforehand that's on them, notnthe company, individuals or whoever.

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Both RH and the guy were in the wrong here. He clearly had issues beyond just the money given he went suicidal that quickly, but he also didnt know what he was doing.

RH meanwhile should never have let him play around with the money he did without vetting his experience, nor should they have been sending emails like they did in the middle of the night with no one live to address it.

They didnt directly cause the kids suicide, but the scummy shit they did that lead to it is still scummy regardless.

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We Bull has a customer service number, and Robinhood I wouldn't recommend anyone use their platform

lifespeedrunner posted...

He was 20 he was old enough to understand the risk but still a sad story but not Robinhoods fault

Sadly I agree. His family is just looking for a paycheck and they should be ashamed. He had to have known some of the risks, gambled and lost. Sure not as much as he thought he did due to the errors, but if he actually valued avoiding massive potential debt more than his life and opted to end it all. That right there makes it crystal clear that there was something wrong with him, period. Also where was his family for him when he needed them? I dunno, I really don't like Robinhood after all they recently did because of GME skyrocketing, but I can't mostly fault them in this situation. He chose to end it.

CommonJoe posted...

Both RH and the guy were in the wrong here. He clearly had issues beyond just the money given he went suicidal that quickly, but he also didnt know what he was doing.

RH meanwhile should never have let him play around with the money he did without vetting his experience, nor should they have been sending emails like they did in the middle of the night with no one live to address it.

They didnt directly cause the kids suicide, but the scummy shit they did that lead to it is still scummy regardless.

Last week: "the little guy doesnt have access to the same resources, its not fair"

This week: "they shouldnt be giving the little guy access to the same resources, its scummy!"

Cant something just be a tragedy without it being anyones fault? RH isnt the most competent platform, but this wasnt a foreseeable event.
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