Retail Trading Giant Robinhood Repurchases $605,000,000 Worth of Shares the Feds Seized From Sam Bankman-Fried
Retail buying and selling big Robinhood has purchased again greater than $605 million price of shares of its personal firm that the US authorities seized from disgraced FTX founder Sam Bankman-Fried.
On Wednesday, Robinhood entered right into a share buy settlement with the US Marshal Service (USMS) to scoop up 55,273,469 shares of the corporate’s Class A standard inventory, priced at $10.96 per share.
The deal closed on Thursday.
The share value was decided “based mostly on the arithmetic common of the per share volume-weighted common value of the corporate’s Class A standard inventory over every of the 5 consecutive buying and selling days previous August 13,” in keeping with a latest filing with the U.S. Securities and Alternate Fee (SEC).
The shares have been initially acquired by Emergent Constancy Applied sciences, Bankman-Fried’s holding firm, however the U.S. Division of Justice (DOJ) seized the inventory in January.
The DOJ stated on the time that the seized belongings have been concerned in cash laundering and wire fraud prison violations and weren’t properties of FTX’s chapter property. The crypto alternate filed for chapter in November.
Bankman-Fried is at the moment awaiting trial and has been charged with defrauding traders and mishandling billions of {dollars} price of buyer funds associated to FTX’s collapse final yr. If convicted, he faces a long time behind bars.
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