The trial against the former billionaire keeps revealing more scandals.
Sam Bankman-Fried has revealed he and former executive Gary Wang borrowed more than U.S. $546 million from their his trading and investment firm Alameda Research to purchase a nearly 8 percent stake in Robinhood Markets,The transactions, that were made earlier this year, were documented in a series of promissory notes in an affidavit provided to a Caribbean court before Bankman-Fried’s arrest.
In an affidavit submitted to a judge in Antigua earlier this month, Bankman-Fried said the US$546 million in loans from Alameda were “capitalized into” Emergent Fidelity. This means that Bankman-Fried owns a whopping 90 percent of Emergent while Wang owns the remaining 10 percent. He faces steep prison time and high monetary fees especially considering that his former partner Wang has also flipped on him and cut a deal with prosecutors.FTX's executives hid $8 billion in liabilities in fake customer accounts. Investigators claim that Bankman-Fried himself directed FTX executives to move Alameda's total of $8 billion in liabilities to an unknown customer account on the crypto exchange's system.
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