The two aircraft that Bankman-Fried purchased through FTX are now considered forfeiture-eligible property, according to the U.S. Department of Justice, as a result of the accusations levied against the former CEO.
According to a document submitted on October 4 by the US Department of Justice (DOJ), Sam “SBF” Bankman-Fried’s two expensive luxury aircraft worth several million dollars are now susceptible to forfeiture.
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According to the document, SBF’s assets may be forfeited as a result of the “offenses described in Counts One through Four and Seven of Indictment 22 Cr. 673 (LAK)”.
A Bombardier Global and an Embraer Legacy were among the mentioned jets. According to records submitted on September 21 with the Delaware Bankruptcy Court, these two aircraft are currently at the center of an ownership dispute between the government, SBF’s former bitcoin exchange FTX, and the aviation firms operating the jets Island Air Capital (IAC).
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The government has argued that both aircraft are liable to forfeiture since they were bought with fraudulent money, while FTX claims that the loans used to buy the jets were not accurately documented.
The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint in December 2022 against SBF, FTX, and Alameda Research, charging the latter two with breaking the Commodity Exchange Act. The CFTC made allegations against SBF, claiming that it “used FTX customer funds for a variety of personal expenditures,” including the purchase of private planes.
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In connection with the collapse of FTX in November 2022, Bankman-Fried is currently on trial for criminal and fraud accusations. SBF is being heard by Judge Lewis Kaplan after entering a not guilty plea to all counts.
In connection with the collapse of FTX in November 2022, Bankman-Fried is currently on trial for criminal and fraud accusations. SBF is being heard by Judge Lewis Kaplan after entering a not guilty plea to all counts.
Opening statements from the prosecution and defense were heard the following day, on October 4, after the trial’s jury selection on October 3.
In its opening statement, the DOJ claimed that Bankman-Fried deceived investors and consumers on purpose in order to amass wealth and build his firm, while the defense claimed that SBF was just an aspiring entrepreneur whose plans “didn’t work out.”
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