Prosecutors Seek Approval to Sell Luxury Jets Linked to Sam Bankman-Fried
As Sam Bankman-Fried, the founder and former CEO of defunct crypto exchange FTX, prepares for his prison sentence, prosecutors have formally requested the court’s authorization to sell two jets connected to the former crypto billionaire. The defendant and his legal team have already agreed to the sale, and now it awaits the court’s approval.
Prosecutors Push For Sale Of Luxury Jets
In a filing with the United States District Court for the Southern District, prosecutors in the government’s case against Bankman-Fried have proposed a court order to sell two multi-million dollar jets linked to FTX and its founder.
According to Atty. Damian Williams in a letter to Judge Lewis Kaplan, the government is seeking an interlocutory sale of two luxury jets: a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ.
The sale of these private aircraft has been sought to prevent their devaluation, as they were previously slated for forfeiture in October 2023 due to their connection to Bankman-Fried’s criminal case.
The government has appraised the jets at $15.9 million and $12.5 million, respectively.
The court order was made in agreement with multiple parties, including FTX’s former executive Ryan Salame, Trans-Island Airways founder Paul Aranha, FTX debtors, Capital Peak Aviation, and Island Air Capital (IAC).
The Embraer Legacy aircraft will be transported to a Florida airport by IAC within 30 days of the court order.
The Global 5000 aircraft remains under secure custody controlled by the United States Marshals Service (USMS). The USMS will manage the jet’s sale proceedings, which will be held in escrow within the enforcement agency’s Seized Asset Deposit Fund (SADF) until further order of the court.
Sam Bankman-Fried Sentence Date Fast Approaching
Sam Bankman-Fried, who was found guilty in November 2023 on all seven counts of fraud by a jury in New York, will potentially face a significant number of years in prison for his alleged crimes. The former FTX CEO’s sentence date is scheduled for Thursday, March 28.
Prosecutors are seeking a prison sentence of 40 to 50 years, potentially leading Bankman-Fried to be incarcerated until the age of 70 to 80 years. Conversely, attorneys representing the FTX founder propose a sentence of approximately five to six years.
Hot Take: Final Steps Toward Sale of Luxury Jets
As Sam Bankman-Fried prepares for his impending prison sentence, prosecutors have requested the court’s approval to sell two luxury jets linked to the former crypto billionaire. The sale aims to prevent the devaluation of these assets and is supported by various parties involved in the case. Meanwhile, Bankman-Fried’s sentencing date is fast approaching, with prosecutors seeking a lengthy prison term while his defense team proposes a shorter sentence. The outcome of these legal proceedings will have significant implications for both Bankman-Fried and the crypto community as a whole.
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