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Young trader dies by suicide after thinking he racked up big losses on Robinhood
KEY POINTS
A 20-year-old trader who said he lost hundreds of thousands of dollars on the free trading app took his own life, according to his family.
In a note, Alex Kearns blamed Robinhood for allowing him to take on the risk.
But Alex may have misunderstood the Robinhood financial statement, according to a relative.
The events underscore the risk that comes with complicated financial instruments like options trading.
On the small yellow sticky note that 20-year-old Alex Kearns left on his bedroom door was an ominous message saying to turn on the computer.
Daniel Kearns powered up his son’s laptop in their home in Naperville, Ilinois. Within seconds, a four-paragraph letter flashed on the screen. “If you’re reading this, then I am dead,” the note started.
It was less than 24 hours after Alex had checked his account at the wildly popular trading app, Robinhood. In his note, he said he thought he had quickly racked up a negative $730,165 cash balance. But Alex may have misunderstood the Robinhood financial statement, according to a relative.
“He thought he was exposed, he thought that ending his life would protect his family from the exposure,” Bill Brewster, a cousin by marriage and an analyst at Sullimar Capital, told CNBC in a phone interview. “He got on his bike and never came home.”
Alex’s body was found on Friday, Plainfield Illinois Fire Department Chief, Jon Stratton, told CNBC. Alex, a sophomore at University of Nebraska at Lincoln, was studying management and had a growing interest in financial markets, according to his family.
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发表于 2020-6-18 08:38 PM
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