Product: Money transfer, virtual currency, or money service

Robinhood Complaint Narrative This is a narrative of my interaction with the investment firm Robinhood beginning on XX/XX/2021. 

On XX/XX/2021 I went online to the Robinhood website XXXX XXXX : XXXX XXXX  to open an account for the purpose of making modest investments in U.S. securities. I filled out the necessary application and began research into stocks I was interested in purchasing. On XX/XX/2021 I linked my bank account ( XXXX XXXX XXXXXXXX XXXX XXXX XXXX ) to my Robinhood account and ordered that {$5000.00} be deposited into that account to fund Stock purchases. My bank account was debited on XX/XX/XXXX, but Robinhood didnt finish verifying and activating my account for purchases until XX/XX/XXXX. 

On XX/XX/2021 I logged into my Robinhood account and placed an order to buy {$2000.00} of XXXX XXXX. I received a confusing notice that the transaction had been completed but my purchasing power was now {$1000.00}. What happened to the {$5000.00} that I deposited into my account? I called Robinhood customer service and spoke to an agent. 

The agent told me that the XXXX transaction could NOT be completed because my account had not been properly verified and he offered to remedy that. He also said that {$1000.00} is the standard purchasing power given to customers as a courtesy before they fund their account. He said he could resolve the apparent problem but would need my permission to give him remote control over my computer. I agreed to that and our computers were linked. 

For over an hour we worked on the problem. He needed me to photograph my California Drivers license and send it to him, which I did. He took me through many more steps but was unable to get my account verified to permit the purchase. Finally I became very frustrated and told him I wanted him to close my Robinhood account and refund all funds in it. 

The agent explained that to send me the money Robinhood would need to use a third-party entity named XXXX and they would require additional verification of my identity which he would guide me through. ( He still had control of my computer at that time. ) We agreed that the money would be deposited in a checking account that I have with XXXX XXXX 

We went through a complicated series of steps to do that and I then received a notice from the bank that the transaction could not be completed. The agent suggested trying a different account and I selected the XXXX XXXX account associated with my XXXX checking account. 

The agent also said Robinhood would need to send the money in a series of small transactions because of limits on the amount of money that could be processed. He suggested trying {$1000.00}. The funds would come from my Robinhood account and XXXX would use the money to purchase XXXX and deposit that into my debit card. 

When we attempted that, XXXX blocked the transfer as a potential fraud. I called XXXX and had them lift the block. I also told XXXX that we would be sending at least two more transfer requests from XXXX and to approve them when submitted. We resubmitted the transfer and it appeared to go through OK. 

Next, we tried to transfer {$2000.00} by the same method. This time XXXX blocked the transaction claiming to need further verification of my identity. This consisted of me making a video recording of myself holding the card and reading text that they required me to speak out loud. Here is the text : Hello XXXX. In this payment I am buying XXXX in the amount of {$1500.00}. I know that after I complete my payment it can not be refunded or reversed. I am aware that scammers sometimes present themselves as large respectable companies, agencies, or service providers, in order to trick victims into sending crypto currency to them. I understand that if I send crypto currency directly to an account I do not control I will lose the money I paid. My computer is not being remotely controlled and no-one is guiding me through this payment. 

At that moment my computer WAS being remotely controlled and an agent of Robinhood, WAS on the phone guiding me. 

I was shocked that I was being told to speak a blatant lie, on video no less, and I told the Robinhood agent that I absolutely would not comply under any circumstances. The agent insisted that this was their required procedure and they couldnt liquidate my account unless I agreed to submit the recording. 

I asked to speak to a supervisor and was transferred. The supervisor repeated XXXX insistence on the video. I told the supervisor I would not comply and if Robinhood couldnt find someone with authority to bypass this step and send me the money I would hang up and file a formal complaint with the SEC. 

The supervisor said there was nothing he could do. I ended the call and contacted the SEC to file the complaint. I also went online to the Consumer Financial Protection Bureau to seek assistance. 

By this time I had been on the phone for over 3 hours and was unsure what, if any, transactions had been actually executed. I called XXXX to check the status of my debit account and ask what transactions had been completed. XXXX reported the following activity on my account : 1. Two DEBITS for {$1000.00} each by XXXX that are pending and will post at the end of the day to the checking account associated with my debit card. 
2. One debit for {$1500.00} that had been cancelled. 
XXXX. One debit for {$1900.00} that had been canceled. 

I was transferred to the XXXX XXXX department and filed a dispute claim for both the pending debit transactions. XXXX said they couldnt block the two transactions but if they posted, XXXX would automatically issue temporary deposits to counter the funds taken from my account. They would then begin researching my dispute. 

At XXXX XXXX I logged into my Robinhood account and this is what I found : 1. My portfolio showed a balance of {$5000.00} 2. My purchasing power was {$1000.00} 3. Robinhood had executed two purchases of XXXX XXXX for {$2000.00} each from my account. 
4. According to Robinhood I own XXXX shares of XXXX stock. 
5. The market value of those shares is {$4000.00}. 

This is all SO wrong. I did initiate ONE order to buy {$2000.00} of PowerShares ( not two ) but was told by the XXXX agent that the transaction had not been executed. I was told that {$1000.00} had been transferred from my Robinhood account and deposited to my debit card. Instead, XXXX had DEBITED that card for a total of {$2000.00} and the money would be taken from the checking account associated with the debit card. 

Im a new investor and not very familiar with securities transactions. But this whole interaction has been confused and did not result in my intended investments. Asking me to tell a lie on video tape has GOT to be a violation of some sort. 

What I want is very simple : for Robinhood to liquidate all the assets in my account, close that account, and send me the money. 

Can you please help me? 

XXXX XXXX XXXX XXXX XXXX