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The New Coffee Room

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  2. General Discussion
  3. Parents sue Robinhood after 20 year old son committed suicide

Parents sue Robinhood after 20 year old son committed suicide

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  • A Offline
    A Offline
    Axtremus
    wrote on 9 Feb 2021, 09:43 last edited by
    #1

    https://www.cbsnews.com/news/alex-kearns-robinhood-trader-suicide-wrongful-death-suit/

    “Twenty-year-old Alex Kearns took his own life last June mistakenly believing he'd lost nearly $750,000 in a risky bet on Robinhood, the stock-trading app where he started trading as a teenager.”

    That was June 2020, well before the GameStop debacle.

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    • K Offline
      K Offline
      Klaus
      wrote on 9 Feb 2021, 10:55 last edited by Klaus 2 Sept 2021, 10:56
      #2

      Hm. This was an adult. Provided he was properly educated about the risks of trading derivatives (not just a mouse click on twenty pages of legalese, but a real education on the risks), I don't think the company should be responsible for his death. They can be responsible for reporting wrong numbers, as they seem to have done for a while, but it shouldn't make a difference whether that person was 18 or 48 years old.

      J 1 Reply Last reply 9 Feb 2021, 12:13
      • K Klaus
        9 Feb 2021, 10:55

        Hm. This was an adult. Provided he was properly educated about the risks of trading derivatives (not just a mouse click on twenty pages of legalese, but a real education on the risks), I don't think the company should be responsible for his death. They can be responsible for reporting wrong numbers, as they seem to have done for a while, but it shouldn't make a difference whether that person was 18 or 48 years old.

        J Offline
        J Offline
        jodi
        wrote on 9 Feb 2021, 12:13 last edited by jodi 2 Sept 2021, 12:21
        #3

        @klaus agree. Though As a parent (of a kid who at that age we were supporting in college) I probably would have known more about what he was doing trading/risk wise (as I tend to look at things from the worst case scenario) so we could advise.

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        • L Offline
          L Offline
          Loki
          wrote on 9 Feb 2021, 12:35 last edited by
          #4

          The timing is perfect though given #wallstreetbets. Kids have been seduced and parents should become aware of this risky behavior that is likely to expand amongst kids.

          Good PSA.

          1 Reply Last reply
          • J Offline
            J Offline
            jon-nyc
            wrote on 9 Feb 2021, 12:42 last edited by
            #5

            Even if he did owe the 750k he could zero it out in bankruptcy and have good credit again in no time.

            Also, I doubt any broker is extending that much credit to people with small accounts. It's very likely the account can't pay, but the broker has to cover the loss.

            Only non-witches get due process.

            • Cotton Mather, Salem Massachusetts, 1692
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            9 Feb 2021, 09:43


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