It was only a matter of time... "How was a 20-year-old with no income able to get assigned almost $1 million worth of leverage?” — and said the Silicon Valley-based company lures users like Kearns into taking big risks with the promise of big profits."... Gee, I dunno'. How come when I was young I did not get sucked into the Stratton Oakmont ploy ads I saw in the Long Island Pennysaver? Why did the back of my mind think, "This is all not right, I am not getting into this?" Maybe feed your kids more meat, so their brains grow in size and they become smart? No sympathy from me. Sorry. Get your kids to play outside in the fresh air, and not be addicted to their phones. Make them read books. Apply discipline to the kids! Beat them with a stick when they mess up! Earth is doomed. Thanks PC culture!
Valid lawsuit but they should add more grounds imo. They should also sue for professional incompetence and derelict of fiduciary duties on top of negligence. It's more of the design of the app that was misleading to the poor user that caused him to have the wrong impression that he was in debt for such a huge amount that led him to take such drastic action more than anything else. Hope they win or at least get some compensation but I doubt it. Because this app's design and its margin policy is applied to all of its several millions of users and I am sure he was not the only user that was in their 20's and yet he was the only one who chose to take such drastic action. And plus he could've taken other measures to educate himself about his trades and that would've very likely prevented him from suicide as well. He has a cousin who is a professional in the financial industry and all he could've done was just to phone him up and ask him about his trades and he would've been told that his trades would've been fine. He could've even just phoned customer service of Robinhood to inquire and he would've been told the actual states of his trades and he would've been fine. And he did none of those actions. The judge is going to look at all of those factors and that's not going to look good for the family although I feel sorry for the family and feel they should get compensated somehow for their losses, purely from a humanity point of view.
that kid would've killed himself over a breakup text. i'm an option noob, i read somewhere that if he waited few days, his account would be positive?
Negative balance of $730,000. BUT he had the AMZN shares to offset the negative balance. His account hadn't shown that yet - it most likely got updated after his death.
On that part I agree. But I disagree that RH was responsible for the kid taking his own life, in some indirect manner.
Says someone who's addicted to posting Youtube videos in every single post to a forum that he's addicted to.