If you have suffered losses as the result of Robinhood Financial as the result of system errors, outage, or the erroneous account deactivation by Robinhood, please call 303-300-5022. Jeffrey Pederson is an attorney who represents investors concerning brokerage fraud and negligence. Initial consultations are free and confidential. We have spoken with a number of investors and may be able to help.
Robinhood left many investors stranded by limiting or deactivating accounts.
On or about January 29, 2021, March 3, 2020 and December 12, 2018, Robinhood deactivated a number of accounts. After Robinhood deactivated the accounts, it gave investors no ability to reach their funds. No telephone access was given to these investors.
The account deactivations left investors without means to execute trades. These innocent investors lost tens of thousands, and in some instances hundreds of thousands, of dollars due Robinhood’s system failure.
Robinhood’s response is to offer $50 Amazon gift cards. Robinhood sent investors correspondence acknowledging the problem. Unfortunately, like the gift cards, this does little help investors. Similar system failure occurred on February 8, 2019. Over 700 investors submitted complaints that they could not make trades. The cases against Robinhood must be sought by demanding FINRA arbitration. FINRA is the self-regulatory organization that oversees brokerages like Robinhood.
Recovering investment losses through FINRA is a specialty skill few attorneys possess.
Brokerage firms and investors are required to arbitrate through the FINRA forum. While most attorneys have no experience handling cases in such a forum, we have handled hundreds of FINRA arbitration cases over the past 19 years.
We have spoken with a number of individuals who sustained substantial losses by losing access to their portfolio. If you have suffered such losses, please call to discuss your rights and chances for recovery.
On Monday March 9th I ordered 1000 shares of Inovio stock before the market opened. Before the market opened I decided to cancel the orders, but due Robinhood malfunctioning I was unable to cancel my orders. So my order of 1000 shares went through without letting me cancel and by the time I was able to cancel the order I had already lost $5000. All in all I lost a total of $12,000 from this error in robinhood’s system.