Last Friday, various news agencies worldwide released a court filing from SBF’s legal team, requesting the court to let SBF keep his $HOOD shares.
According to the filing, the Robinhood shares are (worth roughly $460 million) needed to pay for SBF’s criminal defense.
And in a shocking display of empathy to FTX’s customers, the filing notes that the FTX customers “… face only the possibility of economic loss.”
The HOOD shares are owned by any entity known as Emergent Fidelity Technologies, 90% owned by SBF. And SBF believes the Robinhood shares are not tied to FTX.
However, now the U.S. Department of Justice has seized the shares, alleging they are “… seeking to forfeit property that constitutes or was derived from proceeds traceable to the conspiracy to commit wire fraud, wire fraud, and property involved in the conspiracy to commit money laundering.”
But analysts and pundits believe the reason the DOJ seized the funds is because of this pattern:
SBF sends Alameda Research customer funds – Alameda Loans SBF money – SBF makes a new Antiguan shell company – SBF buys Robinhood shares.
We’ll keep you updated as the story develops. 🕵️♂️