My complaint:
Without my consent, Robinhood drained my account with punitive taxes and rates. I deposited thousands of dollars and purchased assets as the funds came in from my Bank. Unfortunately, some of those stocks were not doing well. So, I lost some money; a risk that i was willing to take. My problem began when Robinhood compounded my losses by what they called margin calls; a practice I am not familiar with. They began taking money from my account, and then proceeded to liquidate my assets. In the end, they took so much money that I was forced to sell off and close the account. During this tumultuous time, I have spoken to two Robinhood representatives, the first one ( Mike), rudely threatened to hang up the phone if he heard another voice in the background in my own house. When asked why, he replied because I don’t want someone to be coaching you. What an insult. Robinhood could never justify their actions when i confronted them. All the representative kept saying was that they loaned me money and fell below margin threshold. With no consent and no proof of borrowing from them, I need my money back. Assuming their claim is correct, Robinhood MUST ensure that before putting money into an investor’s account that the recipient is sufficiently and unequivocally aware of such deposits, and the conditions associated with such a transaction. I do believe that Robinhood is preying on those of us who are novice investors. I am prepared to take investment risks but I am not going to tolerate being duped.
Suggested solution:
Refund my $3000.64 and apologize for the emotional pains their action has caused me. If need be, I am willing to provide important docs. to support my claim at the appropriate time and forum.
