Rookie Trader Racked Up $700K In Debt

[wrbtrader]

...Well unless Robinhood didn't ask about his income when he was applying for his account, but if he was able to obtain an account with no income, with all due to respect to him, was he really being truthful on his application?

Didn't know one could open an account with Robinhood without an income. If true, seems like there will be more nightmares like this.

I've seen (newspaper / TV stories) about suicide due to credit card debts or serious financial problems.

This kid was clearly inexperience with the trade execution platform PnL and the broker. It would seem as though he acted (suicide) before he got his overnight broker statement.

Yeah, he acted (suicide) before communicating (asking questions) and hopefully there's not more to the story such as that he did communicated with someone there in account support / account rep and they gave him the wrong info...

Freaking him out.

wrbtrader

 

[zdreg]

I proved it with the words from your own article. Explain how somebody who is named in a will can be personally liable for the debts of deceased. You can't. Don't use curse words with me. It only belittles yourself more than you have already done with your false posts.

 

[JSOP]

Didn't know one could open an account with Robinhood without an income. If true, seems like there will be more nightmares like this.

wrbtrader

Well, if someone lied about their income... Is Robinhood or any brokers obliged to do background checks or financial investigation to confirm their financial suitability to open an account? That's the question.

 

[zdreg]

I don't mind being shown that I am wrong but if you are going to force me to admit my wrong, you are never going to get i

Your remark speaks 100% to your character.

 

[wrbtrader]

Well, if someone lied about their income... Is Robinhood or any brokers obliged to do background checks or financial investigation to confirm their financial suitability to open an account? That's the question.

I don't remember the name of the brokerage firm here that was a sponsor here at ET...

They stated they do in fact do background checks to confirm financial suitability.

I do remember being shocked that they stated that and it was the first time I've ever heard a broker state such.

I never question it considering the broker has all the info to do credit checks, background checks and risk assessments. Further, I do remember some members here at ET starting threads in which they complained they were denied an account because of their risk assessment by the broker.

That implies the broker did in fact check something about the potential new client.

wrbtrader

 

[JSOP]

Yeah, he acted (suicide) before communicating (asking questions) and hopefully there's not more to the story such as that he did communicated with someone there in account support / account rep and they gave him the wrong info...

Freaking him out.

wrbtrader

Ok that would be bad. If he DID talk to someone at Robinhood and was fed the wrong information then Robinhood is going down big time. Do you hear what I hear??!! Sounds like the sound of clicking that "Delete" button to erase the recording from that IVR...

 

[zdreg]

Ok that would be bad. If he DID talk to someone at Robinhood and was fed the wrong information then Robinhood is going down big time. Do you hear what I hear??!! Sounds like the sound of clicking that "Delete" button to erase the recording from that IVR...

You just keeping on talking about law because you think that you have expertise. Do you think just because some low level customer rep may have given out false info. that the firm is going to be at the losing end of wrongful death suit by the family?. It is questionable if one will be even brought. Since unlike you I have no expertise in this area I will not even take a guess,

 

[JSOP]

I don't remember the name of the brokerage firm here that was a sponsor here at ET...

They stated they do in fact do background checks to confirm financial suitability.

I do remember being shocked that they stated that and it was the first time I've ever heard a broker state such.

I never question it considering the broker has all the info to do credit checks, background checks and risk assessments. Further, I do remember some members here at ET starting threads in which they complained they were denied an account because of their risk assessment by the broker.

That implies the broker did in fact check something about the potential new client.

wrbtrader

Wow that is thorough. I know that firms that deal with accounts that deal with million dollar+ transaction values and/or institutional level accounts do ask for financial information to back up what they state on the application.

 

[zdreg]

Wow that is thorough. I know that firms that deal with accounts that deal with million dollar+ transaction values and/or institutional level accounts do ask for financial information to back up what they state on the application.

re:"Wow that is thorough"
I was thorough.

my response:You just keeping on talking about law because you think that you have expertise. Do you think just because some low level customer rep may have given out false info. that the firm is going to be at the losing end of wrongful death suit by the family?. It is questionable if one will be even brought. Since unlike you I have no expertise in this area I will not even take a guess,
Bottom line the phone call to RH raised the possibility that their rep might have told the deceased was on hook for 700k.

You post one false statement after another to hide your lack of knowledge. This time you post a true statement about a different aspect of the situation. You do this to divert from the fact that you know little about law and continue to post as if you have expertise in the law.