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ROBBIN HOOD

The US Department of Justice has seized more than 55 million shares of Robinhood (HOOD) stock owned by Sam Bankman-Fried and FTX co-founder Gary Wang via a holding company,  according to a court document.The DOJ also stated that it had taken custody of more than $20 million in US currency from the brokerage business ED&amp;F Man Capital Markets.<h2 id="header-0">Sam Bankman-Fried legal team confirms seizure of Robinhood shares</h2>In a <a href="https://www.pacermonitor.com/view/CUWLH7I/BlockFi_Inc__njbke-22-19361__0203.0.pdf?mcid&#61;tGI4TONY" rel="noopener noreferrer nofollow">court filing </a>on Jan. 6, the Justice Department stated that it had confiscated 55,273,469 shares of Robinhood — worth more than $450 million at the time of writing.Bankman-Fried’s legal team confirmed on Jan. 5 that the DOJ had moved through with seizing the shares, but still contended the former FTX CEO had a claim to the assets “to pay for his criminal defense.”Through their holding firm Emergent Fidelity Technologies, Bankman-Fried and Wang were the legal owners of the Robinhood shares.John Ray III, the current CEO of FTX, requested a stock freeze late last month, which Bankman-Fried opposed, claiming that, in part, he needed the shares to help cover his legal expenses.Bankman-Fried pleaded not guilty to <a href="https://micky.com.au/ftx-founder-sam-bankman-fried-charges-unsealed/" rel="noopener noreferrer nofollow">eight criminal charges</a>, including wire fraud and violations of campaign finance rules, after his detention in the Bahamas and extradition to the US in December.

US DOJ seizes $450M worth of Robinhood shares owned by Sam Bankman-Fried

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