The U.S. Department of Justice (DOJ) has seized more than 55 million shares of Robinhood (HOOD) stock owned – via a holding company – by Sam Bankman-Fried and FTX co-founder Gary Wang, according to a court document. The shares were worth just over $456 million based on HOOD’s closing price of $8.25 on Friday.
The stock had been held at an account at U.K.-based brokerage ED&F Man.
The “seized Assets constitute property involved in violations” of crimes such as money laundering and wire fraud reads the court document. Sam Bankman-Fried was formally charged with those and other crimes on Dec. 13.
Source: Robinhood Shares Worth Nearly $500M Seized in FTX and Sam Bankman-Fried Case
