Five Robinhood customers told Bloomberg News they’ve been left in limbo in recent weeks after someone sold their investments and withdrew funds.
It took Soraya Bagheri a day to learn that 450 shares of Moderna Inc. had been liquidated in her Robinhood account and that $10,000 in withdrawals were pending. But after alerting the online brokerage to what she believed was a theft in progress, she received a frustrating email.Bagheri is among five Robinhood customers who recounted similar experiences to Bloomberg News, saying they’ve been left in limbo in recent weeks after someone sold their investments and withdrew funds.
“I’m in tremendous mental stress right now because this is all of my savings,” said Rao, 36, whose account was frozen by Robinhood in response to the fraudulent activity. He said Robinhood contacted him Friday and unlocked the account after sending several emails late Thursday asking for help.Rao showed Bloomberg the same emailed response from Robinhood that Bagheri received.
“Unfortunately, it’s a common occurrence that online accounts of monetary value are bought, sold and traded by cyber-criminals,” said Mark Arena, chief executive of Intel 471, which monitors activities of digital criminals. “This shows the importance of people practicing common information-security hygiene such as not re-using the same password across multiple accounts and enabling two-factor authentication, which Robinhood supports.
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