I Filed a Federal Lawsuit Seeking Proof of Robinhood's Claimed 1:1 Backing of AMC Stock Tokens: We Don't Need Another FTX
I am asking the federal court to require evidence showing when Robinhood acquired the actual AMC shares, where those shares are held, who the licensed custodian is, and the custodial agreements governing those shares.
FORT LAUDERDALE, FL, September 12, 2026 -- I am Donnahue George, founder of Donnahue George Investigations, and I recently filed a federal lawsuit against Robinhood Markets, Inc. and related defendants concerning Robinhood Stock Tokens tied to AMC Entertainment Holdings, Inc.
My case, George v. Robinhood Markets, Inc., et al., Case No. 0:26-CV-62482, is pending in the United States District Court for the Southern District of Florida.
I am now asking the Court to authorize limited expedited discovery so Robinhood can provide documentary evidence supporting its public representations concerning the backing of AMC Stock Tokens.
Robinhood publicly represents that every Stock Token in circulation is backed 1:1 by the corresponding underlying equity and that the underlying shares are held by a U.S.-based custody partner.
My position is straightforward: If every AMC Stock Token is backed 1:1 by an actual AMC share, the records should prove it.
I Am Asking for Proof, Not Assurances
I am asking the Court to authorize discovery requiring records sufficient to establish when AMC Stock Tokens were minted, issued and sold and, critically, when the corresponding actual AMC shares were purchased.
I am seeking records showing the dates and times of the token transactions, the number of tokens involved, the dates and times corresponding AMC shares were acquired, quantities purchased, execution prices, executing brokers and/or trading venues, settlement information and records establishing when the AMC shares were placed into the custody arrangement.
I am also seeking identification of Robinhood's licensed U.S.-based custodian, together with relevant custodial and security-agent agreements governing the underlying AMC shares.
The Timing Matters
This is one of the most important issues I am asking the Court to examine.
It would not be enough for Robinhood simply to demonstrate that it possesses millions of AMC shares today.
I want the records to establish when those shares were acquired compared with when the corresponding AMC Stock Tokens were issued and sold.
For example, if an AMC Stock Token was sold on Monday but the corresponding AMC share was not acquired until Friday, evidence showing that Robinhood possessed the share on Friday would not establish that the token was backed by that share on Monday.
That is why I am seeking a chronological reconciliation showing:
AMC Stock Tokens issued and outstanding → corresponding AMC shares purchased → settlement of those shares → placement with the custodian → continuous 1:1 reconciliation.
If Robinhood's representations are accurate, I believe these records should provide a clear answer.
This Could End a Major Part of the Dispute Quickly
I am not interested in unnecessarily prolonging litigation.
If Robinhood produces competent, authenticated records demonstrating that the AMC Stock Tokens at issue were continuously backed 1:1 by genuine AMC common shares consistent with its public representations, I am prepared to evaluate dismissal of the claims that depend upon an alleged absence or inadequacy of that backing.
The purpose of seeking this discovery is to obtain verification.
The filing of my lawsuit does not establish that Robinhood's representations are false, and the Court has not determined that Robinhood failed to purchase or custody the corresponding AMC shares.
That is precisely why I am asking for the underlying evidence.
My Six-Month AMC Market-Integrity Investigation Raises Additional Questions
This lawsuit comes after my firm conducted a six-month market-integrity review of AMC trading activity.
My investigation identified anomalies that, in my professional assessment, warrant deeper investigation.
My market-integrity work examines areas including off-exchange trading, short-sale activity, failures to deliver, securities lending, options activity and other market data capable of identifying unusual trading patterns.
I want to be equally clear about this point: an anomaly is not by itself proof of illegal market manipulation.
Anomalies tell an investigator where deeper investigation may be necessary. Some of the information required to reach definitive conclusions is not available through ordinary public market data.
That is why obtaining verifiable records is so important.
Why This Gives Me "FTX 2.0" Concerns
I have described this situation as giving me "FTX 2.0 vibes."
I am not saying Robinhood is FTX, nor am I alleging that Robinhood has committed the misconduct committed by FTX or its executives.
What concerns me is the principle involved.
When investors are offered tokenized financial products and told that underlying assets exist to support those products, I believe the existence, timing and custody of those assets should be independently verifiable.
The lesson investors learned from FTX should be that representations about backing and custody should not simply be accepted when transaction and custody records can establish the facts.
Show the shares.
Show when they were purchased.
Show when they settled.
Identify the licensed custodian.
Show the custodial agreement.
And show that the number of actual AMC shares matched the AMC Stock Tokens when those tokens were issued and outstanding.
If everything matches Robinhood's public representations, the records should demonstrate that.
If they do not, then I believe investors, AMC shareholders, regulators and the Court deserve to understand why.
My Objective Is Transparency
As the founder of Donnahue George Investigations, my objective is market transparency and investor protection.
Tokenization may become an increasingly important part of the financial markets. But innovation should not eliminate the ability to verify the assets represented as backing financial products.
I filed this action because I believe these questions deserve answers supported by records—not speculation from either side.
Donnahue George
Founder
Donnahue George Investigations
DonnahueGeorgeInvestigations.com
Donnahue George Investigations is a Florida-licensed private investigation agency specializing in securities market investigations, market integrity monitoring, financial fraud analysis, litigation support, and expert witness services. The firm provides independent investigative analysis to publicly traded companies, boards of directors, legal counsel, institutional investors, and shareholders. Its work focuses on identifying and documenting unusual market activity, including short-selling activity, failures to deliver, off-exchange trading, securities lending, options activity, and other trading anomalies that may warrant further investigation. Donnahue George Investigations is committed to promoting transparency, accountability, investor protection, and confidence in U.S. capital markets.
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My case, George v. Robinhood Markets, Inc., et al., Case No. 0:26-CV-62482, is pending in the United States District Court for the Southern District of Florida.
I am now asking the Court to authorize limited expedited discovery so Robinhood can provide documentary evidence supporting its public representations concerning the backing of AMC Stock Tokens.
Robinhood publicly represents that every Stock Token in circulation is backed 1:1 by the corresponding underlying equity and that the underlying shares are held by a U.S.-based custody partner.
My position is straightforward: If every AMC Stock Token is backed 1:1 by an actual AMC share, the records should prove it.
I Am Asking for Proof, Not Assurances
I am asking the Court to authorize discovery requiring records sufficient to establish when AMC Stock Tokens were minted, issued and sold and, critically, when the corresponding actual AMC shares were purchased.
I am seeking records showing the dates and times of the token transactions, the number of tokens involved, the dates and times corresponding AMC shares were acquired, quantities purchased, execution prices, executing brokers and/or trading venues, settlement information and records establishing when the AMC shares were placed into the custody arrangement.
I am also seeking identification of Robinhood's licensed U.S.-based custodian, together with relevant custodial and security-agent agreements governing the underlying AMC shares.
The Timing Matters
This is one of the most important issues I am asking the Court to examine.
It would not be enough for Robinhood simply to demonstrate that it possesses millions of AMC shares today.
I want the records to establish when those shares were acquired compared with when the corresponding AMC Stock Tokens were issued and sold.
For example, if an AMC Stock Token was sold on Monday but the corresponding AMC share was not acquired until Friday, evidence showing that Robinhood possessed the share on Friday would not establish that the token was backed by that share on Monday.
That is why I am seeking a chronological reconciliation showing:
AMC Stock Tokens issued and outstanding → corresponding AMC shares purchased → settlement of those shares → placement with the custodian → continuous 1:1 reconciliation.
If Robinhood's representations are accurate, I believe these records should provide a clear answer.
This Could End a Major Part of the Dispute Quickly
I am not interested in unnecessarily prolonging litigation.
If Robinhood produces competent, authenticated records demonstrating that the AMC Stock Tokens at issue were continuously backed 1:1 by genuine AMC common shares consistent with its public representations, I am prepared to evaluate dismissal of the claims that depend upon an alleged absence or inadequacy of that backing.
The purpose of seeking this discovery is to obtain verification.
The filing of my lawsuit does not establish that Robinhood's representations are false, and the Court has not determined that Robinhood failed to purchase or custody the corresponding AMC shares.
That is precisely why I am asking for the underlying evidence.
My Six-Month AMC Market-Integrity Investigation Raises Additional Questions
This lawsuit comes after my firm conducted a six-month market-integrity review of AMC trading activity.
My investigation identified anomalies that, in my professional assessment, warrant deeper investigation.
My market-integrity work examines areas including off-exchange trading, short-sale activity, failures to deliver, securities lending, options activity and other market data capable of identifying unusual trading patterns.
I want to be equally clear about this point: an anomaly is not by itself proof of illegal market manipulation.
Anomalies tell an investigator where deeper investigation may be necessary. Some of the information required to reach definitive conclusions is not available through ordinary public market data.
That is why obtaining verifiable records is so important.
Why This Gives Me "FTX 2.0" Concerns
I have described this situation as giving me "FTX 2.0 vibes."
I am not saying Robinhood is FTX, nor am I alleging that Robinhood has committed the misconduct committed by FTX or its executives.
What concerns me is the principle involved.
When investors are offered tokenized financial products and told that underlying assets exist to support those products, I believe the existence, timing and custody of those assets should be independently verifiable.
The lesson investors learned from FTX should be that representations about backing and custody should not simply be accepted when transaction and custody records can establish the facts.
Show the shares.
Show when they were purchased.
Show when they settled.
Identify the licensed custodian.
Show the custodial agreement.
And show that the number of actual AMC shares matched the AMC Stock Tokens when those tokens were issued and outstanding.
If everything matches Robinhood's public representations, the records should demonstrate that.
If they do not, then I believe investors, AMC shareholders, regulators and the Court deserve to understand why.
My Objective Is Transparency
As the founder of Donnahue George Investigations, my objective is market transparency and investor protection.
Tokenization may become an increasingly important part of the financial markets. But innovation should not eliminate the ability to verify the assets represented as backing financial products.
I filed this action because I believe these questions deserve answers supported by records—not speculation from either side.
Donnahue George
Founder
Donnahue George Investigations
DonnahueGeorgeInvestigations.com
Donnahue George Investigations is a Florida-licensed private investigation agency specializing in securities market investigations, market integrity monitoring, financial fraud analysis, litigation support, and expert witness services. The firm provides independent investigative analysis to publicly traded companies, boards of directors, legal counsel, institutional investors, and shareholders. Its work focuses on identifying and documenting unusual market activity, including short-selling activity, failures to deliver, off-exchange trading, securities lending, options activity, and other trading anomalies that may warrant further investigation. Donnahue George Investigations is committed to promoting transparency, accountability, investor protection, and confidence in U.S. capital markets.
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