Product: Checking or savings account

Subject : Formal Complaint Regarding Inadequate Investigation and Response to Disputes with Robinhood Financial LLC Dear Consumer Financial Protection Bureau, I am filing a formal complaint regarding Robinhood Financial LLCs inadequate investigation and response to disputes I filed concerning fraudulent transactions that occurred on my accounts. Despite repeated attempts to resolve this matter, Robinhood has failed to address the issues properly, resulting in continued inaccuracies and harm to my financial standing. 

Background of the Issue : I had personal financial accounts and investments linked to Robinhood, including stocks, exchange-traded funds ( ETFs ), and cryptocurrency holdings. Upon reviewing my accounts, I discovered that my funds had been drained due to fraudulent transactions. I immediately reported the fraudulent activity to Robinhood Financial LLC, providing supporting documentation to confirm that I could not have been involved in these transactions. 

Inadequate Investigation and Response : Despite submitting clear evidence of fraud, Robinhood Financial LLC failed to conduct a thorough and timely investigation into the unauthorized transactions. Under the Fair Credit Reporting Act ( FCRA ), Section 1681i, Robinhood Financial LLC, as a financial services company providing brokerage and clearing services, is required to investigate disputes in a reasonable and timely manner. However, my dispute was either not investigated adequately or dismissed without due consideration of the evidence. Robinhoods response has been either delayed or unhelpful, and no meaningful resolution has been provided. 

Failure to Comply with Federal Law : Robinhood Financial LLCs handling of my case constitutes a violation of federal law, particularly the FCRA, which mandates that financial institutions take necessary steps to investigate disputes thoroughly. Despite providing supporting evidence, Robinhood has failed to review the available information properly. Instead, they have relied on incomplete or inaccurate information from third parties, ignoring my evidence and failing to take action to resolve the dispute. 

Inadequate Communication and Delayed Responses : Throughout this process, I have faced significant delays, poor communication, and a lack of transparency from Robinhood Financial LLC. I have been transferred between various departments, repeatedly providing the same information without receiving any meaningful updates or assistance. This breakdown in communication has exacerbated the problem and caused considerable frustration. 

Harm to My Financial Standing and Credit : As a direct result of Robinhoods failure to address these fraudulent transactions, my financial standing and credit have been severely impacted. The unauthorized transactions remain on my Robinhood accounts, and the continued presence of these inaccuracies is damaging my ability to secure credit, invest, and maintain financial stability. Robinhoods actions, or lack thereof, have led to long-lasting consequences for my financial health. 

Requested Actions : Given these concerns, I respectfully request the following actions from the Consumer Financial Protection Bureau : Investigation and Resolution : I request that the CFPB investigate Robinhood Financial LLCs handling of my dispute. The company must be held accountable for their failure to conduct a proper investigation into the fraudulent activity and must take immediate action to resolve my case.

Restoration of My Financial Standing : I request that the CFPB work with Robinhood Financial LLC to ensure that my account records are corrected, and all fraudulent transactions are removed. My financial profile must accurately reflect only legitimate transactions.

Detailed Report of Findings and Actions : I request a detailed report outlining the actions the CFPB intends to take to ensure that Robinhood Financial LLC complies with federal law, particularly the FCRA, in handling consumer disputes and protecting individuals from fraud and identity theft. 

Ensuring Better Practices in the Future : As Robinhood offers a variety of financial services, including commission-free trading, cryptocurrency wallets, options trading, and banking services, I urge the CFPB to ensure that Robinhood improves its internal processes for handling disputes, customer inquiries, and fraud prevention.

I have made multiple attempts to resolve this matter directly with Robinhood Financial LLC, but I have not received a satisfactory response. I believe Robinhoods actions, or inaction, are in violation of the Fair Credit Reporting Act, and I am requesting that the CFPB intervene to ensure my consumer rights are protected. 

Thank you for your attention to this matter. I trust that the Consumer Financial Protection Bureau will take prompt action to investigate these issues and assist me in resolving the fraudulent activity on my accounts. I look forward to your response.