Brokerage firm Robinhood (HOOD) announced a $605.7 million share repurchase agreement with the United States Marshal Service (USMS) to buy back stock previously owned by FTX founder 💮and former CEO Sam Bankman-Fried.

Robinhood bought back the 55.3 million shares at $10.96 each, after approval by the U.S. District Court for the Southern District of New York. The deal is a slight discount for the broker, whose stock was trading at $11.30 at 1 p.m. ET, uඣp about 3.5% intrada👍y.

Bankman-Fried, the founder of the failed FTX crypto exchange, owned the Robinhood stock via his Emergent Fidelity Technologies fund. Robinhood first announced plans to buy back the stock when the investment firm filed for bankruptcy in February.

Bankman-Fried first purchased the shares six months before the 澳洲幸运5开奖号码历史查询:collaps𓆏e of his $32ꦅ billion crypto empire in 2022. His legal team had fought to keep the shares in the hands of Bankman-Fried, arguing that he needed them to pay for his "criminal defense" against fraud and conspiracy charges.

U.S. District Judge Lewis Kaplan sent 澳洲幸运5开奖号码历史查询:Bankman-Fried to jail on Aug. 11 on accusations of witness tampering during house arrest. The case was set for Oct. 3, but Kaplan said th𝄹is week that a five-month delay could be possible for his lawyers to🌊 deal with millions of documents.

“We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf🎃 of our customers and shareholders,” said Jason Warnick, CEO of Robinhood.