The trading app is being penalized for anti-customer practices.

Back in the beginning of the year, when the GameStop short squeeze inspired a surge in new investing, the use of stock-trading app Robinhood exploded. Users were monitoring the app at all hours of the day, seeking to capitalize on the squeeze. However, in hindsight, this increased attention may have proven to be Robinhood’s undoing.

In a 123-page complaint, the Financial Industry Regulatory Authority, which has federal authority to monitor and govern financial firms and businesses, accused Robinhood of knowingly providing false information to its users about their investments, resulting in both financial and physical harm. FINRA also accused Robinhood of failing to properly maintain its technology, as well as approving users for complicated trades without doing its proper research. For these complaints, Robinhood has been hit with a $70 million penalty, the largest such penalty that FINRA has ever administered.

One of the major highlights of FINRA’s complaint was the case of 20-year-old Alex Kearns, who committed suicide when his Robinhood account inaccurately displayed a negative balance of $750,000. Kearns attempted to contact the app’s support line multiple times, but was repeatedly met with complete silence.

“I lost the love of my life. I miss him more than anything,” Kearns’ mother, Dorothy Kearns, told CBS. “I can’t tell you how incredibly painful it is. It’s the kind of pain that I don’t think should be humanly possible for a parent to overcome.”

FINRA announces a $70 million penalty against Robinhood over options trading practices and outages. @Kr00ney reports. https://t.co/6tw9toUbOc pic.twitter.com/RUlGGpPcDZ

— CNBC (@CNBC) June 30, 2021

Kearns’ case, according to FINRA’s complaint, is a major indicator of the severity of Robinhood’s malpractice. The complaint states that Robinhood has been providing “false and misleading information” that “concerned a variety of critical issues, including … how much cash was in customers’ accounts … the risk of loss customers faced in certain options transactions, and whether customers faced margin calls.”

Robinhood has neither confirmed nor denied the charges, but has paid the fine without complaint.