“If you’re reading this, then I am dead,” the note started. The parents of a young trader in Illinois are suing the brokerage app Robinhood after their 20-year-old son took his own life in June while mistakenly believing. Within seconds, a four-paragraph letter flashed on the screen. On June 12 back at home in Naperville, Illinois, Kearns took his own life, after believing he had lost nearly 750,000 in a soured options. His father, Daniel Kearns, powered up his son’s laptop in their home in Naperville, Ilinois. Unfortunately, his youthful dabbling ended in tragedy. Alex also left an ominous message on a small yellow sticky note on his bedroom door asking his parents to turn on the computer. Nine people were killed, and 13 other people were injured. In his note, Alex blamed Robinhood for allowing him to take on the risk. On July 29, 1999, a shooting spree occurred at two Atlanta-area day trading firms, Momentum Securities and the All-Tech Investment Group. However, in 2009 he picked up his shotgun and shot himself, leaving no suicide note. “This case centers on Robinhood’s aggressive tactics and strategy to lure inexperienced and unsophisticated investors, including Alex, to take big risks with the lure of tantalizing profits,” the 29-page complaint reads.Īs we noted back in June, Alex Kearns left a note before his death. Thirty-five-year-old Jonathan Wraith a young British millionaire by virtue of selling his and his father’s portable cabin business for £30 million (46 million) was by all accounts a happy and well-adjusted young man. was sued by the parents of a 20-year-old trader who killed himself last year after he incorrectly. In the lawsuit, Dan and Dorothy Kearns also alleged that Robinhood purposely targets young inexperienced customers, then within the app pushes them to engage in highly complex trades. They also added that the Robinhood app did not “meaningful customer support” to resolve their son’s trade issues. Trading app Robinhood was hit with a wrongful death lawsuit on Monday. They said that Robinhood’s business practices “directly” led to their son’s death. 18, options trader 'A' can sell a put option with a strike price of 2,640 per share for one contract (100 shares) expiring on Jul. More than half a year later, Kearns’ parents are suing Robinhood Financial, claiming the free-trading app Robinhood should be held liable for wrongful death, negligent infliction of emotional distress, and unfair business practices. For example, if Amazons shares are trading at 2,640 on Jun. A 20-year-old died by suicide, thinking he’d lost more than 730,000 on Robinhood. Before his death, Kearns said he lost hundreds of thousands of dollars on the free-trading app Robinhood. Kearns who took his own life after he misunderstood a potential loss from a stock-options trade. Kearns later committed suicide after he saw a $730,000 negative balance in his Robinhood account. Back in June 2020, we wrote about a 20-year stock trader Alexander E.
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