Apparent suicide by 20-year-old Robinhood trader who saw a negative $730,000 balance prompts app to
Apparent suicide by 20-year-old Robinhood trader who saw a negative $730,000 balance prompts app to make changes
New York(CNN Business)The family of a 20-year-old student says he died by suicide after confusion over an apparent negative balance of $730,000 on his Robinhood account. Now they are demanding answers from the millennial-focused trading app.
Alexander Kearns, who was using Robinhood to trade complex options instruments, was found dead on June 12, according to local authorities in Plainfield, Illinois. His death is being treated as a suicide, according to the family and Robinhood. It isn't clear what factors contributed to his death.
The tragedy has drawn attention to the potential dangers of the free-trading boom inspired by Robinhood, which has given young, first-time investors easy access to exotic financial instruments typically used by sophisticated investors.
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"The kid threw himself in front of a train over nothing, because a tech company can't figure out they shouldn't show a negative $730,000 cash balance to a 20-year-old kid," Bill Brewster, a relative of Kearns, told CNN Business.
https://amp.cnn.com/cnn/2020/06/19/business/robinhood-suicide-alex-kearns/index.html
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