Dobatse took out two $30,000 home equity loans so he could buy and sell more speculative stocks and options, hoping to pay off his debts. After funding his account with $15,000 in credit card advances, he began spending more time on the app.Īs he repeatedly lost money, Mr. Dobatse, now 32, said he had been charmed by Robinhood’s one-click trading, easy access to complex investment products, and features like falling confetti and emoji-filled phone notifications that made it feel like a game. But his behavior changed in 2017 when he signed up for Robinhood, a trading app that made buying and selling stocks simple and seemingly free. Richard Dobatse, a Navy medic in San Diego, dabbled infrequently in stock trading.
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