Sam Bankman-Fried and Gary Wang’s shares in the cryptocurrency trading company Robinhood were successfully repurchased from the US Marshal Service.
Through Emergent Fidelity Technologies, FTX founders Bankman-Fried and Wang controlled 55 million shares in Robinhood; these shares were seized as part of the criminal prosecution against Bankman-Fried. On December 30, 2022, a warrant was issued to seize these shares. They were moved to the US on January 4 and a sale request was made on August 13 of same year.
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In a deal with the US Marshal Service, Robinhood paid $605 million to repurchase these shares.
Bankman-Fried and his attorneys have previously opposed the FTX bankruptcy estate’s claim on these shares, arguing in particular that while FTX clients only ran the risk of “economic loss,” Bankman-Fried ran the risk of suffering “irreparable” harm from possibly not being able to use these funds to support his criminal defense.
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Wang has previously entered a plea of guilty to the charges of securities fraud, commodities fraud, wire fraud, and conspiracy to commit wire fraud.
Bankman-Fried is accused of a number of other offenses as well, but thus far he has maintained his innocence.
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