The exact purchase prices of the planes, which were $15.9 million and $12.5 million, respectively, are still up for debate.
Prosecutors have taken action to sell off two luxury planes before completing forfeiture processes in the ongoing legal dispute between the US government and Sam “SBF” Bankman-Fried, the former CEO of FTX.
A petition made on March 22 with the U.S. District Court for the Southern District of New York details the action, which is a result of efforts spearheaded by U.S. Attorney Damian Williams to reduce the financial losses on two aircraft linked to FTX and Bankman-Fried.
The devaluation of the assets in issue, namely Bombardier Global and Embraer Legacy, which were earlier identified in October 2023 as potentially subject to seizure in relation to Bankman-Fried’s illicit operations, is the target of the government’s plan.
The exact purchase prices of the planes, which were $15.9 million and $12.5 million, respectively, are still up for debate.
However, if the sales are satisfactory, the prosecution intends to set aside up to $1.8 million for their upkeep and an extra $183,000 for the transfer of the Embraer Legacy.
The U.S. Marshals Service (USMS) was able to accelerate the sale of the Embraer Legacy by negotiating an agreement between the prosecutors, FTX, and its affiliates, which allowed for its relocation to an airfield in Florida.
Following the issuance of a valid warrant, the USMS had already assumed ownership of the Bombardier Global in February 2023.
Following his conviction on several criminal counts, Bankman-Fried is now subject to the taking of a number of assets, including these airplanes.
Shares in Robinhood, a variety of currencies and cryptocurrencies, and political contributions made by SBF while at FTX were among the assets revealed in March.
Marc Mukasey, who represents Bankman-Fried, and he himself have not challenged the aircraft’s sale. Based on her November 2023 conviction on seven criminal offenses, Bankman-Fried is now serving her sentence in prison until her sentencing hearing on March 28.
While the prosecution has asked for a sentence of 40–50 years, his defense has asked for 6.5 years, which is considered mild.
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