Damian Williams Sam Bankman-Fried Usa New York city Alameda county Williams cryptocurrency scam Fraud FTX Damian Williams Sam Bankman-Fried Usa New York city Alameda county Williams

Bankman-Fried assets of almost $700 million may be forfeited in FTX scam

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Sam Bankman-Fried’s assets valued at almost $700 million will be subject to forfeiture if he’s found guilty of fraud, according to federal prosecutors leading the case against the FTX founder.In a court filing Friday, the US Attorney for the Southern District of New York, Damian Williams, outlined 10 accounts, with a mix of shares, cash and cryptocurrency subject to forfeiture.The asset pool included about 55 million shares Bankman-Fried held in Robinhood Markets Inc.

At Friday’s closing price those shares were valued at $526 million. The Department of Justice previously announced it had seized the shares, which were purchased with a $456 million loan from Alameda Research, FTX’s sister trading house.The property subject to forfeiture also includes more than $20 million held in an account in the name of Emergent Fidelity Technologies, the holding company used to purchase the shares, more than $171 million in US currency in accounts under the name FTX Digital Markets and assets in three Binance accounts.

The accounts containing cash were seized by the government between Jan. 4 and Jan. 19, according to the filing.Prosecutors use forfeiture orders as a way to claw back assets defendants obtained with ill-gotten gains.

In Bernie Madoff’s case, a judge ordered the late Ponzi schemer to forfeit more than $170 billion and his wife, $80 million.

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