The Department of Justice seized over $450 million worth of Robinhood stock owned by FTX cofounders Sam Bankman-Fried and Gary Wang. …
SBF and Wang acquired the shares through a holding company, Emergent Fidelity Technologies, using funds borrowed from Alameda Research. SBF owns 90% of Emergent while Wang owns 10%. Bankman-Fried also argued that both Emergent and FTX maintained similar interests to plead his case toward ownership.
Advertisement
SBF said in a filing last week that he needs them to help pay his legal fees.
[Looks like he’ll need to find another source of wealth to tap for his legal fees — one that doesn’t involve his former clients’ deposits. — Ed]
Join the conversation as a VIP Member