According to a court document, the DOJ confiscated more than 55 million shares of Robinhood (HOOD) stock owned by Sam Bankman-Fried and FTX co-founder Gary Wang through a holding company. Based on HOOD’s Friday closing price of $8.25, the shares were valued somewhat more than $456 million.
According to the court filing, the seized Assets include property implicated in breaches of crimes such as money laundering and wire fraud. On December 13, Sam Bankman-Fried was legally charged with these and additional offences.
FTX co-founders Bankman-Fried and Gary Wang controlled the Robinhood shares through their Emergent Fidelity Technologies holding company. FTX, now led by John Ray III, requested a freeze on the shares late last month. Bankman-Fried naturally objected, claiming that he needed the shares to assist pay his legal bills.