Consumer complaint received 2019-04-02
Company: ROBINHOOD MARKETS INC.
State: WA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
XX/XX/XXXX Robinhood Markets Account # : XXXX Dear CFPB, I am writing you in regards to a severe issue I had with Robinhood Markets, Inc. I previously used Robinhood markets in the past and had an account set up. However, over the past year or so, there has been severe fraudulent activity on my account in which Robinhood was aware of, yet took no action in regards to help me. All Robinhood did was place a lock on the account, temporarily. I asked for someone to contact me, and no one ever did.

The fraudulent activity came in waves. I did not authorize multiple transactions on their platform such as purchasing cryptocurrency or the XXXX stock. I have had severe identity theft in the past and have even provided both police reports to Robinhood, to no avail. I asked Robinhood to investigate this on my behalf, and to check the IP addresses and so forth. They claim to have insurance protection of up to {$1.00} million, yet, they have not reimbursed me at all nor cared to help in regards to this matter. 

Furthermore, I am XXXX XXXX military and Robinhood Markets , Inc. is under severe violation of federal military benefits such as the Servicemembers Civil Relief Act in which property can not be sold while on military XXXX. On deployments, which can range from one month to over six months, I typically have no access to the internet or phone calls. That being said, I also do not receive mail until I return back home to the states. While I was gone in XXXX on XXXX, I came home to find out that Robinhood, Markets Inc had SOLD OFF my ENTIRE LIFE SAVINGS on their platform. I started investing with them as a college student in XXXX and have not put any money into their platform since then. I moved many of my stocks over to their account and Robinhood claims that I purchased Gold their platform which is essentially like a loan to invest. 

I NEVER authorized purchasing Gold to begin with. However, they said that my account was within the margins which is why they SOLD ALL MY LIFE SAVINGS and stocks while I was on XXXX. That is incredibly illegal! I came back home crying to find my life savings that I worked for all GONE no notice to me or anything they just decided to sell everything. Essentially I got a reply from customer service stating too bad sorry. 

Prior to this XXXX too I had enough of Robinhood and was going to file a lawsuit, and asked them to move my stocks immediately to a different broker at XXXX XXXX. I did everything XXXX   and Robinhood asked, and I have the emails stating that I could move the accounts by a representative at Robinhood, and then I came back from XXXX to find emails saying Robinhood prevented the merge AND the fact that they drained my entire account! 

I filed a lawsuit last month in small claims court for {$10000.00} I am considering filing a bigger one in civil court and possibly a class action lawsuit against this company as this has happened to other people as well. Robinhood is in severe violation of the law, the SEC and SCRA benefits and I am asking you to investigate this company please and prevent them from ruining other peoples lives. 

Sincerely, XXXX XXXX XXXX

Company response to consumer: Closed with explanation