Robinhood, the popular online brokerage firm, has reached an agreement with the United States Marshal Service to repurchase shares previously associated with Sam Bankman-Fried’s Emergent Fidelity Technologies, amounting to $605.7 million. The shares were seized and transferred to the U.S. government after Bankman-Fried’s FTX and Emergent filed for bankruptcy protection last year. Investors responded positively to the news, as Robinhood’s shares rose 3% in premarket trading. The U.S. District Court for the Southern District of New York has approved the sale of the 55.3 million shares, each priced at $10.96. In February, Robinhood had announced its intention to repurchase the majority of the shares, and the board had endorsed the move. Last November, Bankman-Fried had revealed his possession of a 7.6% stake in Robinhood, and had assured investors that he had no intention of taking control of the brokerage firm. The Department of Justice has challenged seven of Bankman-Fried’s defense’s expert witnesses, claiming that their testimonies might be misleading and in violation of legal conventions. The source of the controversial documents remains unknown, but speculation points to Bankman-Fried’s personal digital storage. Bankman-Fried is currently detained pending his trial, which is scheduled for October 2. He will face a range of charges, including fraud and alleged financial interactions with Chinese dignitaries.

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Information	Details
Geography	North America
Countries	🇺🇸 🇨🇳
Sentiment	neutral
Relevance Score	8
People	DOJ, Bankman-Fried, Sam Bankman-Fried, U.S. District Court, Robinhood
Companies	FTX, DOJ, U.S. District Court for the Southern District of New York, U.S. Marshal Service, Emergent Fidelity Technologies, Robinhood
Currencies	None
Securities	None