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Colin M.

Contributor Level

Total Points
120

1 Review by Colin

  • Robinhood

2/8/21

I initiated a full portfolio transfer 01/28. Robinhood initiated the transfer and I could not make any trades as things were being moved.

My portfolio moved, BUT not all of it. Things I sold on Robinhood before the transfer have shown up in my Merrill account BUT at market price which is much higher than the price I paid plus I sold these off completely.

My Robinhood account now shows a margin call and a $5k deficit. My account had a lot in there (for me) and not all of it moved yet Robinhood now says I have a deficit.

Also, I've been locked out from making trades since 01/28. But in Feb 2 I get a notification from Robinhood I've been flagged as a day trader. Then in Feb 3rd Robinhood sends me notifications "congratulations order is complete" and it bought lots of securities that I I'd done before the transfer.

How the heck is this possible I've been locked out since 01/28.

MORE concerning is my account history no longer shows those sales on 01/28, conveniently and I feel Robinhood is broken system is stealing from me and others or losing my finds outright.

I got a "response" to my first inquiry and it was an unacceptable generic automated reply saying go here to learn about logging in. Are you joking me? What kind of financial institution with millions of clients can't reply to a email?

Also for example I sold all 2,300 shares of NAKD I had at avg of $0.46, yet 1000 of that showed up in Merrill but at full market price of over $1.16 per share. What the heck? Plus now I'm not sure if I really own it because you should never sell something twice. This stock is now losing value day over day and I don't know if I really own it since I sold it completely off before initiating the transfer. I have several positions like this. I sold 25 of my 100 shares of PSTH on 01/27 yet there is full 100 shares in my merrilll account? And multiple other securities. IPO I sold 3 shares my entire holding yet that has been transferred to Merrill? Multiple other positions and shares are like this

I've see. This has happened to many people. What the heck is going on? No replies, no help.

I'm very worried, this is all my money they are playing with.

Tip for consumers:
Do NOT use this scam brokerage

Products used:
Securities trades.

Service
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