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Sadly, it appears he might not have been in as much trouble as he initially thought, because some trading activity had yet to settle in his account.Īs a result, Brewster recommends that new investors to stay away from complex instruments like options and futures because they carry significant risk for those who don’t truly understand how they work. Kearns had little money or investing experience, but Robinhood approved his application to trade options on margin, and he somehow ended up with a negative $730,000 account cash balance. Based on the note left by Kearns, this ultimately led to his decision to take his own life.
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Kearns signed up for an account and started trading, although he did not fully understand what he was doing, Brewster says. He argues this game-like experience, combined with poor safeguards for vetting who receives approval for access to options trading, margin lending and other advanced investing tools, led to extreme emotional stress for Kearns after account balance messaging sparked alarm. In his telling, he admonishes Robinhood’s trading interface because “they try to gamify trading and couch it as investment.” A College Student Dies in DespairĪlexander Kearns, a 20-year old University of Nebraska student who was home from college during the COVID-19 pandemic, has a cousin-in-law, Bill Brewster, who shared his tragic story as a cautionary tale for others. Robinhood, in particular, utilizes a slick interface with confetti popping everywhere as if you had just won a prize when you execute a trade.
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What many of these new investing platforms promote is simplified, free trading with fun and easy-to-use mobile app interfaces. In other words, all elements a young investor might desire to begin investing in small amounts. In recent years, several Robinhood alternatives have sprouted up offering similar functionality for the same cost and often induce investors to sign up with the lure of free stocks or sign-up bonuses, fractional share investing, near-instant account opening and no account or investment minimums. Almost every incumbent broker must now offer this feature, lest they be unable to compete effectively against lower-cost peers.īut this story isn’t just about Robinhood.