On March 22, 2023, the U.S. Attorney’s Office for the Southern District of New York filed a request with the U.S. District Court to sell two private aircraft belonging to Sam “SBF” Bankman-Fried, the former CEO of cryptocurrency exchange FTX. According to the filing by U.S. Attorney Damian Williams [stated in the document], this move aims to preserve the value of these assets, which are part of a larger pool of assets tied to Bankman-Fried’s criminal case.
The two aircraft in question are a Bombardier Global and an Embraer Legacy, with estimated values of $15.9 million and $12.5 million, respectively [as per earlier court filings]. The government plans to conduct an interlocutory sale of these planes, with the proceeds being used to cover the costs of maintenance and upkeep, totaling up to $1.8 million, as well as delivery fees for the Embraer Legacy, amounting to $183,000.
An agreement has been reached for the Embraer Legacy to be delivered to a Florida airport, enabling the U.S. Marshals Service (USMS) to initiate the sales process without delay. The USMS had already taken custody of the Bombardier Global following a February 2023 warrant.
Forfeiture and Legal Proceedings
The seizure of Bankman-Fried’s aircraft is a part of the ongoing forfeiture proceedings against him. Following his conviction on seven felony counts in November 2023 [as stated in a March filing], the list of assets subject to forfeiture includes not only these aircraft but also stocks in Robinhood, fiat currency, cryptocurrencies, and political contributions made during his tenure as FTX CEO. Bankman-Fried and his attorney Marc Mukasey have not objected to the proposed sale of the aircraft.
Bankman-Fried is currently facing sentencing, which is scheduled for March 28. Prosecutors have recommended a prison term ranging from 40 to 50 years, while his defense has requested a significantly shorter sentence of 6.5 years. The trial of SBF marks a significant development in the ongoing investigation into the FTX crypto exchange.
