In a recent court filing dated March 22 with the U.S. District Court for the Southern District of New York, prosecutors have requested permission to sell two private aircraft associated with Sam “SBF” Bankman-Fried, the former CEO of cryptocurrency exchange FTX. The U.S. Attorney Damian Williams stated the move aims to prevent the devaluation of the aircraft, a Bombardier Global and an Embraer Legacy, which are part of the assets tied to Bankman-Fried’s criminal case. Initially, in October 2023, it was argued that these aircraft were subject to forfeiture due to their connection with alleged criminal activities.
The government seeks to conduct an interlocutory sale of these planes, valuing them at $15.9 million and $12.5 million, respectively, as per the previous court filings. The plan includes reimbursing up to $1.8 million for maintenance and upkeep, plus $183,000 for the delivery of the Embraer Legacy, contingent on the sale’s proceeds.
An agreement has been reached for the delivery of the Embraer Legacy to a Florida airport, facilitating the U.S. Marshals Service (USMS) to initiate the sale process promptly. The USMS took custody of the Bombardier Global following a February 2023 warrant.
Forfeiture and legal proceedings
This action is part of the forfeiture proceedings against Bankman-Fried, who faces legal challenges following his conviction on seven felony counts in November 2023. According to a March filing, the list of assets subject to forfeiture extends beyond the aircraft, encompassing stock in Robinhood, fiat currency, cryptocurrencies, and political contributions made during his tenure as FTX CEO. Bankman-Fried, alongside his attorney Marc Mukasey, has not objected to the proposed sale of the aircraft.
Bankman-Fried is currently awaiting sentencing, scheduled for March 28, with prosecutors recommending a prison term of 40 to 50 years. In contrast, his defense has requested a considerably shorter sentence of 6.5 years. SBF’s case continues to unfold, marking a pivotal chapter in the ongoing scrutiny of the FTX crypto exchange.
