• Sam Bankman-Fried (SBF) may be subject to the forfeiture of $700 million worth of assets if found guilty of fraud.
• Federal prosecutors have seized a list of assets from SBF, which include 55,273,469 Robinhood (HOOD) shares worth $525.5 million, $94.5 million held at Silvergate Bank, $49.9 million held at Farmington State Bank and $20.7 million at ED&F Man Capital Markets, Inc.
• SBF has pleaded not guilty to the eight criminal charges laid against him.
On January 20, 2021, U.S. federal prosecutors filed a court document outlining that Sam Bankman-Fried (SBF) may be subject to the forfeiture of roughly $700 million worth of assets if he is found guilty of fraud. The filing stated that the government has seized a long list of assets owned by SBF across fiat, shares, and crypto.
The biggest allocations of assets seized by the prosecutors include 55,273,469 Robinhood (HOOD) shares worth $525.5 million, $94.5 million held at Silvergate Bank, $49.9 million held at Farmington State Bank and $20.7 million at ED&F Man Capital Markets, Inc. Additionally, the government is also looking to take control of three of SBF’s affiliated Binance accounts.
The prosecutors have submitted a forfeiture order with these assets as they allege that these assets have been obtained unlawfully via the use of customer deposits. SBF’s inner circle, such as Caroline Ellison and Gary Wang, have already cooperated with prosecutors over their roles in FTX’s collapse. However, SBF himself has pleaded not guilty to all eight criminal charges laid against him.
The court document further stated that the government is looking to take control of SBF’s assets should he be found guilty. For now, the fate of the $700 million worth of assets remain uncertain as the court proceedings are still ongoing.