Bankman-Fried’s Robinhood shares tell property fascinated about money laundering and wire fraud, says the DOJ.
Key Takeaways
- The DOJ has seized over 55 million Robinhood shares and $20.7 million belonging to Emergent Fidelity Technologies.
- While the maintaining company isn’t fragment of the FTX property, the DOJ believes it was as soon as funded by Bankman-Fried with misappropriated customer money.
- Bankman-Fried had beforehand fought to abet the shares in his abet watch over in portray to pay for his authorized costs.
No topic Sam Bankman-Fried’s handiest efforts, the DOJ has determined to purchase the Robinhood shares the FTX whiz kid sold by Emergent Fidelity Technologies.
$490 Million Seized
Two months after FTX’s give draw, authorities are restful busy seizing sources associated in a system or but another to the defunct crypto replace.
In step with a court docket filing dated January 6, the Department of Justice has seized 55,273,469 shares of Robinhood stock belonging to FTX founder Sam Bankman-Fried by a maintaining company, Emergent Fidelity Technologies. At the time of writing, the shares are price extra than $469 million. The doc indicates that the DOJ seized a additional $20.7 million from Emergent Fidelity Technologies from an memoir at ED&F Man Capital Markets.
The DOJ talked about the sources had been seized because they’d been sold by Bankman-Fried with misappropriated funds. In step with the filing, Bankman-Fried’s sources tell property fascinated about money laundering and wire fraud.
One other court docket doc filed by FTX (underneath John Ray and the liquidation team) on December 22 claims that Emergent Fidelity Technologies is a particular-goal maintaining company that had no diverse alternate other than maintaining that stock. The company is reportedly 90% owned by Bankman-Fried.
While the DOJ acknowledged that FTX debtor BlockFi had expressed an hobby in being handed over the sources, it pointed out that Emergent Fidelity Technologies was as soon as no longer fragment of the FTX property and due to this reality no longer fascinated in regards to the financial catastrophe proceedings but.
The $490 million seizure is but another blow to Bankman-Fried, who had petitioned to abet abet watch over of Emergent Fidelity Technologies. He claimed he wanted to employ the Robinhood shares to pay for his authorized costs.
Bankman-Fried beforehand secured a $250 million bail equipment that requires him to take care of at home alongside with his fogeys of their home in Palo Alto.
Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and quite a lot of different diverse crypto sources.
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