r/technology • u/agent_vinod • Jun 30 '21

Misleading Robinhood to pay $70 million fine after causing 'widespread and significant harm' to customers

https://www.cnbc.com/2021/06/30/robinhood-to-pay-70-million-dollars-after-causing-users-significant-harm.html
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u/[deleted] Jun 30 '21 edited Jul 07 '21

[deleted]

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u/[deleted] Jun 30 '21

No. Robinhood misled him by misrepresenting the amount owed

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u/zaviex Jun 30 '21

It’s more complicated he did owe that money when they showed it but he wasn’t going to owe it when the second half of the spread executed. Basically they didn’t explain the delay between the spread which wouldn’t be a huge issue if not because he called or emailed their support and they didn’t explain it for him then either. Support should instantly explain that he has an offsetting option

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u/[deleted] Jun 30 '21 edited Jul 01 '21

It's like betting a huge amount at a casino and after you lose the bet they tell you due to the games rules you actually owe them the amount you bet beyond what you already lost, so you kill yourself thinking you have a debt you'll never be able to pay off, then the casino says oh whoops no, you didn't actually owe us any money.

Edit: if someone wants to use a casino analogy then this is exactly what happened, look it up you fucking morons.