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Robinhood is a free financial app that allows users to trade stocks, options, exchange-traded funds and cryptocurrency without paying commissions or fees to a broker.
In a news release sent to 22News from the Dunn & Phillips law firm in Springfield, Attorney Cornelius Phillips, III said that they are currently representing a client who is a Robinhood user. Phillips says the user’s account was hacked and $28,000 was taken from his account.
The attorney has filed complaints with the Secretary of the Commonwealth of Massachusetts Securities Division, the Financial Industry Regulatory Authority (FINRA), and the FBI’s Internet Crime Complaint Center.
Despite multiple efforts to contact Robinhood to resolve the issue and have the funds returned, the user has not received his money back. Robinhood informed the user that the funds in his account were transferred to another account with another organization.