20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance
Amid the wave of newcomers to what has become a casino stock market, a novice options trader takes his own life.
www.forbes.com
20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance
- Thread starter Ceiling Cat
- Start date
www.forbes.com
i read the story. Very sad and sorry to see that this happened. Investing in general on margin should be done with caution and not for begginners.20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance
Amid the wave of newcomers to what has become a casino stock market, a novice options trader takes his own life.
If he had waited it would probably have been fine, although that is speculation as details have not been released. Looks like he was shown the negative balance for the exercise of the put option, but not the positive balance of the value of those stocks. A negative balance like that could set someone off that didn't know.
Man if he had only waited for one more day. Sometimes brokerage don't sell the stocks from short put options immediately. S&P went up bigly on Friday pre-market! He would have made 100,000 if his brokerage had sold in pre-market!
The easy solution to the problem is to declare bankruptcy. The kid has no big assets. Nebraska bankruptcy laws may be different than Canadian bankruptcy laws but he would probably be able to hold off the creditors for seven years and then have his debt discharged.
If I was the kids dad, I would tell him to make the best of the situation. I would tell him to get a part time job where he would pay me room and board and some money towards his debt obligations. I would gift him back his educational cost and drive my vehicle. After seven years the debt would be discharged. In the end he would have his education. Robinhood may not even want the bad publicity and may even have come to some kind of intermediate settlement.
If I was the kids dad, I would tell him to make the best of the situation. I would tell him to get a part time job where he would pay me room and board and some money towards his debt obligations. I would gift him back his educational cost and drive my vehicle. After seven years the debt would be discharged. In the end he would have his education. Robinhood may not even want the bad publicity and may even have come to some kind of intermediate settlement.
