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Robinhood recklessly gamifies investing, Massachusetts official says

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Stock trading app Robinhood is being accused of reckless, exploitive business tactics on its millennial clientele.

“The worst aspect of what they do clearly is the way they are gamifying the idea of investing,” Massachusetts Secretary of the Commonwealth William Galvin told CNBC’s “Squawk Alley” on Wednesday.

“This is a very reckless company when it comes to these investors. They’re interested in expanding their market base, they’re not interested in serving their investors,” said Galvin.

Galvin spoke to CNBC after Massachusetts regulators filed a complaint against Robinhood, accusing the trading app of predatory marketing on inexperienced investors.

The complaint cites Robinhood’s…



Source cnbc.com

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