DoJ confiscates Robinhood shares worth $ 470 million from FTX managers

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According to a court document of January 6, Sam Bankman-Fried (SBF) and his former right hand, Gary Wang, cannot keep the possession of Robinhood shares worth almost half a billion dollar. Style = "Font-Weight: 400">
The US Justice Ministry (DOJ) has confiscated the participations of the managers to accuse Bankman-Fried and FTX due to far-reaching allegations in which the participations could be involved.

no more robinhood shares

The document , which was submitted to an insolvency court in New Jersey, revealed that the doj 55.273.469 Robinhood shares Had, together with another 20,746,713.67 $ from Ed & F Man Capital Markets - a holding company that is controlled by both SBF and Wang. Since each Robinhood share is traded at $ 8.50 at the time of writing, the total value of the confiscated stocks and cash is around $ 490 million.

According to the ministry, the confiscated assets are considered property and revenues that are involved in violations of various criminal laws, including transfer fraud and money laundering. Last month, a Grand jury in the Southern District of New York issued an indictment in eight indicators, in which SBF was charged with such crimes and the conspiracy for inspection of securities fraud, fraud and violations of the campaign financing.

"The government expects the evidence that Bankman-Fried has cheated by FTX customers by misuse for his personal use, including in order to make unobstructed risk. wrote the doj.

The doj showed Integration last week-90 % of which belonged to Bankman-Fried and 10 %. Bankman-Fried's lawyers complained on the possible confiscation at the time and claimed that it was "inappropriate" to assume that these stocks were bought with illegal means.

The bankruptcy lawyer and new CEO of FTX, John Ray, said last month before the congress that FTX mixed user wealth values ​​with Alameda Research, where these assets were used for margin trading.

What remains SBF?

during an interview on the Dealbrook Summit in November claimed to have only $ 100,000 in his bank account-an idea of ​​his assets of several billion dollars before the collapse of FTX.

Bankman-Fried was delivered to the USA by the Bahamas in December, but later published

.