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Not allowing trade on highly volatile underlying is not unusual for brokers. So even cash purchases could be prohibited. But involuntarily closing cash positions would be highly unusual. Closing positions backed by margin happens everyday. SM is running wild with conspiracy theories. I wonder if @jack will censor them.
This is like in the movie Molly's Game when Harlan, one of the top players, goes on tilt. All the players that lost to him rush to get in a game that night so that they can make back the money that they previously lost to him.
The Robin Hood situation is particularly ironic because it looks like they did the right thing. So many traders were taking huge bets on margin that they wouldn't be able to cover the losses if it fell apart. Everyone is upset, but all the attention it grabbed today may just work to the bull's advantage on Friday.
