US Government Seeks a Court Nod to Sell Private Jets Tied to SBF

US government is seeking court approval to sell two private jets linked to Sam Bankman-Fried (SBF) amid ongoing forfeiture proceedings.

In the US government’s case against Sam “SBF” Bankman-Fried, prosecutors proposed that the court order the sale of two private jets before the conclusion of the forfeiture proceedings against the former CEO of FTX.

On March 22, United States Attorney Damian Williams submitted a document to the United States District Court for the Southern District of New York, stating that the US government attempted to carry out an interlocutory sale of two private jets associated with FTX and SBF “to prevent their devaluation.”

US Government Seeks Forfeiture of Bankman-Fried’s Private Jets

According to the arguments presented by the prosecution in October 2023, the Bombardier Global and Embraer Legacy jets were subject to forfeiture because of their connections to the criminal case involving Bankman-Fried.

Although the jets cost $15.9 million and $12.5 million, respectively, according to court records from October 2023, it is not apparent what price tag the US government wants to use for the jets.

Assuming that the profits from the sale were sufficient, the prosecutors stated that they intended to reimburse up to $1.8 million for maintenance and care, as well as $183,000 for the delivery of the Legacy.

The United States Marshals Service (USMS) will be able to initiate the process of selling the Embraer Legacy “in a timely fashion,” according to Williams, who claims that the prosecutors have struck an agreement with FTX and other associated parties to have the Embraer Legacy delivered to an airport in Florida.

The United States Marine Service took control of Bombardier Global after issuing a warrant in February 2023. Given Bankman-Fried’s conviction for a criminal offense, his assets, including the luxury jets, may be subject to seizure.

A March document in the united states included assets such as Robinhood shares, fiat currency denominated in United States dollars, and cryptocurrency trading on Binance, along with the political contributions made by SBF during his tenure as CEO of FTX.

Neither Bankman-Fried nor his attorney, Marc Mukasey, raised any objections regarding the aircraft sale. The court has scheduled a sentencing hearing for March 28.

In November 2023, the court found the former FTX guilty of seven counts of felony offenses, leading to his current incarceration. While the prosecution has suggested that SBF serve between forty and fifty years in prison, his legal team has requested that a judge impose a sentence of six and a half years.