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NEWSLETTERS & ALERTS
Robinhood Employee Steals From a Customer
by Howard Haykin
However, the conveniences derived from today's internet technologies come the added risks - in this case, information about your personal bank account is now in the hands of a third party.
Which brings us to April 2019, when a customer support analyst with Robinhood Financial converted $1,869 belonging to you, the customer. The employee then used the funds to pay for her personal expenses.
- On April 15, she accessed the customer’s personal bank account and transferred $49 from that account to pay her personal credit card balance
- On April 16, she accessed the account and transferred $1,820 to pay her college tuition.
- The transfers were made without the brokerage customer’s knowledge or consent.
- The customer support analyst was promptly barred from the industry.
BEWARE - WHAT'S IN YOUR ACCOUNT? Prudence dictates that, every so often, each of us should check our bank accounts for unusual or unauthorized activity. A simple and prudent exercise that’s become necessary in this internet-driven world.
[For details, click on FINRA Case #2019062603701.]