This federal court filing is from the US Attorney’s Office in the Eastern District of New York. It details the actions against a prominent hedge fund trader named Chris Gaffney. Gaffney was accused of stealing more than $300 million from his former firm (a hedge fund) to buy shares in his new firm, Robinhood. Gaffney is accused of stealing $1 million each from his former firm and $25 million from his new firm in the same transaction.
The details of this case are interesting to say the least. Gaffney has ties to the former owner of the hedge fund, who bought the funds to get rid of him and his people. Gaffney was eventually accused of stealing from his former firm to buy the shares of his new firm, Robinhood.
Gaffney was later caught and charged for a few things, which included misappropriating funds from the two hedge funds. However, it’s not clear if the charges against him are related to the hedge funds or whether he’s the same person who took the funds from the hedge funds.
In any case, the new hedge fund, Robinhood, seems to be the result of the seizure of the hedge fund that Gaffney used to buy Robinhood into. This would seem to be a connection to the alleged thefts from the hedge funds, as the latter was seized by the government in order to prevent them from getting their funds back.
Gaffney was alleged to be using robinhood to funnel millions of dollars to his personal accounts, and his hedge fund was seized in order to prevent people from accessing the funds. However, robinhood is not a legitimate hedge fund. In fact, it operates like a Ponzi Scheme, and this is probably where the name comes from.
Robinhood was a financial service that allowed people to invest in hedge funds without having to physically visit the actual office. For the uninitiated, this sounded like a great idea until you realized that it required you to know what to invest in and how to invest. The service was also allegedly used as a cover for other shady practices such as tax evasion and money laundering.
The federal government seized the company’s assets, and then they went after Robinhood’s founders. The founders claimed that feds seized their assets because they were trading without a license. Robinhood is also suspected of having a relationship with a Russian company that was involved in a large arms deal. There could be some truth to this story, but I’m not sure.
So with all this talk of trading, and the fact that Robinhood was said to be involved in a large arms deal, you should not be surprised that the feds are on the hunt for Robinhood’s founder.
So what is Robinhood doing now? Well, Robinhood has been in the headlines for a very long time now. For a very long time it was just a hedge fund, but now it’s a pretty big deal. Robinhood has its own stock exchange, and it has its own stock news website. So this is a nice change of pace for a hedge fund, but that doesn’t mean Robinhood is any better.
The thing we all know about Robinhood is that Robinhood is a lot like a hedge fund. But there are some major differences. In a hedge fund, you are given a stock, and you have to make decisions in the stock market about whether to buy or sell that stock, so you are not really involved in the stock market itself.