- The 20-year-old invested in an application called Robinhood
- After seeing an alleged $ 730,000 debt on his account, he committed suicide
- Parents blame their son’s death on the application, because the amount owed never existed
Suicide for investment
Last summer, a student named Alex Kearns from Illinois in the United States committed suicide, writes CNN. A few years before his death, he invested money through the Robinhood application, which allows de facto anyone to become a small amateur investor.
After failing to do a few trading transactions, he was horrified by the negative balance in his investment account (where he allegedly traded only $ 200), which amounted to $ 730,000. The young man shut himself in, and his depression at paying less than a million dollars in debt as a non-earning student led him to commit suicide.
No debt was incurred, it was a mistake
However, the amount did not represent the actual balance in Alex’s investment account, it was a bug in the Robinhood application. The surviving parents Dan and Dorothy, as well as Alex’s sister Sydney, decided to file a lawsuit against Robinhood and the death penalty of their son and brother. The company’s customer department allegedly did not respond to Alex’s requests for clarification of the amount owed.
The lawsuit specifically accuses the company of the death of Alex Kearns, the emotional damage caused and also of unfair business practices. According to Alex’s parents, the application looks like a video game and attracts young users, who are then exposed to a great financial risk and do not realize that it is not “just an application on the phone”. In a way, we are talking about a principle similar to gambling.
Robinhood, which manages the application of the same name, has expressed its sincere condolences to the family and assured survivors and other users around the world that it will work to ensure the stability of its services and to keep other users informed of the potential risks of investing through the application.
Source: Mobilizujeme.cz by mobilizujeme.cz.
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