Robinhood Users Say Accounts Were Looted, No One to Call

An anonymous reader shares a report: It took Soraya Bagheri a day to learn that 450 shares of Moderna 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. The firm wrote it would investigate and respond within “a few weeks.” Now her money is gone. 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. Because the wildly popular app has no emergency phone number, some said they tried in vain to intervene, only to watch helplessly as their money vanished.

“A limited number of customers appear to have had their Robinhood account targeted by cyber criminals because of their personal email account (that which is associated with their Robinhood account) being compromised outside of Robinhood,” a spokesman for the company said in an email. “We’re actively working with those impacted to secure their accounts.” The issue didn’t stem from a breach of Robinhood’s systems, the spokesman said.