U.S. Department of Justice Seeks to Seize Luxury Jets Allegedly Owned by Sam Bankman-Fried
The U.S. Department of Justice (DOJ) has filed a court document indicating its intention to seize two luxury aircraft allegedly owned by former FTX CEO Sam Bankman-Fried. The government claims that the charges against Bankman-Fried allow for the seizure of a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ, both suspected to be owned by the disgraced FTX co-founder.
Bankman-Fried is currently on trial for allegedly mishandling billions of dollars in customer funds and defrauding investors. During the trial, Bankman-Fried and his lawyers attempted to argue that he did not misuse any funds based on the lack of specific laws preventing crypto exchanges from using customer-deposited funds for any purpose. However, prosecutors objected to this argument, deeming it irrelevant and potentially confusing to the jury.
Earlier, Bankman-Fried’s attorneys also sought to block certain investors and insiders from testifying against him, claiming that the motion for their testimony was premature and lacked sufficient detail.
Hot Take: DOJ Seizing Luxury Jets from Sam Bankman-Fried Amidst Ongoing Trial
The U.S. Department of Justice’s move to seize two luxury jets allegedly owned by Sam Bankman-Fried adds another twist to the ongoing FTX trial. As Bankman-Fried faces charges related to mishandling customer funds and defrauding investors, the government aims to confiscate the aircraft as part of the forfeiture process. This development further underscores the severity of the allegations against the former FTX CEO. The trial has already seen attempts by Bankman-Fried’s legal team to leverage regulatory gaps in the crypto industry and block certain witnesses from testifying. With the DOJ’s pursuit of the luxury jets, the case against Bankman-Fried intensifies, raising questions about potential repercussions for his alleged actions.
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