FTX founder Sam Bankman-Fried borrowed hundreds of millions of dollars from his hedge fund Alameda Research — which allegedly took billions of customer money from FTX — to purchase shares of the stock trading platform Robinhood.
According to an affidavit submitted to the Eastern Caribbean Supreme Court before his arrest in the Bahamas, Bankman-Fried stated that he and his FTX co-founder, Gary Wang, borrowed over $546 million through four promissory notes in April and May of 2022. The funds were then used to acquire a 7.6 percent stake in Robinhood through a subsidiary company, Emergent Fidelity Technologies.
The affidavit indicated that Bankman-Fried and Wang owned 90 percent and 10 percent of Emergent, respectively. Wang, who was formerly the CTO of FTX, and Caroline Ellison, the former CEO of Alameda, both pleaded guilty to federal fraud charges last week.
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