Sam Bankman-Fried Aims to Keep Grasp on $450M in Robinhood Shares

The impossible seems to become possible with SBF these days. We previously reported that the former CEO Sam Bankman-Fried officially pleads not guilty in the FTX fraud case. The Tuesday hearing has seen the disgraced founders’ official plea to criminal charges by United States prosecutors of fraud and conspiracy.

Watcher Guru noted that Bankman-Fried is accused of utilizing customer assets from his now-bankrupt crypto exchange platform to fund bets through hedge fund Alameda Research.

CoinDesk recently noted the fact that Sam Bankman-Fried has argued he should retain control of around $450 million in shares of financial trading app Robinhood, disputing a rival claim by the estate of the company he founded and once ran, the bankrupt crypto exchange FTX.

“The 56 million shares, in principle owned by Bankman-Fried and co-founder Gary Wang through a holding company called Emergent Fidelity Technologies, are the subject of a complex legal battle that also includes bankrupt crypto lender BlockFi and the U.S. Department of Justice.”

The same online publication noted that “In a Dec. 22 filing to the Delaware bankruptcy court, FTX – now under the management of restructuring expert John Ray – said the shares were only nominally held by Emergent Fidelity, and should be frozen until they can be divided up fairly among FTX creditors.”

It’s also worth noting the fact that its claim was supported by those liquidating the company in the Bahamas.

Here are more relevant quotes posted by the online publication below:

“It is improper for the FTX Debtors to ask the Court to simply assume that everything Mr. Bankman-Fried ever touched is presumptively fraudulent,” Bankman-Fried’s filing said.

“Mr. Bankman-Fried requires some of these funds to pay for his criminal defense.”

Stay tuned for more news, and make sure to check out the original article in order to learn more details about all this.