Sam Bankman-Fried borrowed $546 million from his hedge fund to buy a Robinhood stake | CNN Business

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When Sam Bankman-Fried bought a nearly 7.6% stake in Robinhood, the popular stock-trading app, earlier this year, he financed the deal with more than half a billion dollars borrowed from his own hedge fund

In an affidavit that emerged Tuesday, Bankman-Fried said he and FTX co-founder Gary Wang borrowed more than $546 million from the hedge fund, Alameda Research, which they used to purchase the Robinhood shares via a holding company primarily controlled by Bankman-Fried. Wang has since pleaded guilty to four counts of fraud and conspiracy, in cooperation with US prosecutors investigating FTX’s collapse. Bankman-Fried has been indicted on eight criminal counts.

Also claiming the Robinhood shares are bankrupt crypto lender BlockFi, and an individual FTX creditor. Because the competing claims, FTX filed a motion earlier this month to the Delaware bankruptcy court to keep the assets frozen until the court “can resolve the issues in a manner that is fair to all creditors of the Debtors.” It’s not clear from the court filings whether the $546 million used to purchase the stake included funds that prosecutors allege were stolen from customer deposits in FTX.

 

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Wowww.

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Follow the money and will become easy to prove wrong doing by Sam Bankman-Fried.

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Sounds about right! Lock’im up with Madoff, Epstein & Trump mizzionpozzible

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