As Sam Bankman-Fried, the founder and former chief executive officer (CEO) of defunct crypto exchange FTX readies for his prison sentence, prosecutors have formally requested the court to authorize the sale of two jets linked to the former crypto billionaire. With the defendant and his legal team already in agreement, the final step hinges on the court’s approval.
Prosecutors Push For Sale Of Luxury Jets
In a March 22 filing with the United States District Court for the Southern District, US, prosecutors in the government’s case against Bankman-Fried have proposed a court order to sell two multi-million dollar jets connected to FTX and its founder.
As stated by Atty. Damian Williams in a letter to Judge Lewis Kaplan, the government is seeking to conduct an interlocutory sale of two luxury jets, a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ.
According to the filing, the sale of the two private aircraft has been sought to prevent their devaluation, as these assets were previously slated for forfeiture in October 2023 due to their connection to Bankman-Fried’s criminal case.
Currently, the government has not disclosed the precise selling price for the private aircrafts. However, they have appraised the jets at $15.9 million and $12.5 million, respectively.
Furthermore, Williams has revealed that the court order was made in agreement with multiple parties including FTX’s former executive, Ryan Salame, the defendant, the founder of Trans-Island Airways, Paul Aranha, FTX debtors, the government, Capital Peak Aviation and Island Air Capital (IAC).
The attorney disclosed that the Embraer Legacy aircraft will be transported to a Florida airport by the IAC, with the delivery expected within 30 days of the court order.
As for the Global 5000 aircraft, the filing has revealed that it 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 staggering amount of years in prison for his alleged crimes. The former FTX CEO’s sentence date is fast approaching, scheduled for Thursday, March 28.
Prosecutors in the case are seeking a prison sentence of 40 to 50 years, potentially leading the 32-year-old former crypto billionaire 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.
Featured image from Pexels, chart from TradingView
