Alexander Kearns was home to the University of the University of Nebraska where he became interested in investing. His family said he downloaded the Robinhood app and started making trades.
On Thursday, the 20-year-old opened his app and looked at his account. It was when he saw that he had a negative $ 730,000 balance.
“It’s actually a user interface issue and when Alex opened his app he saw his cash balance was $ 730,000 and when you look at the screenshot he had $ 16,000 in his account , which was his real savings, ”William Brewster, relative Kearns, said.
His family said he took a screenshot and wrote a suicide note. His body was found the next day. He threw himself under a train.
Brewster said the application problem needs to be fixed and said the business needs to face the possibility of harm that the problem may create.
Robinhood issued the following statement:
“All of us at Robinhood are deeply saddened to hear this terrible news and we have come to extend our condolences to the family. We don’t share all of the details regarding the privacy and confidentiality account. ”
Brewster called Robinhood’s response “canned” and said he is still touching the contacts he has in the financial world in order to find out why the account would show a negative balance.
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