Sam Bankman-Fried’s jets could be canceled, prosecutors say.
Sam “SBF” Bankman-Fried's $2 million luxury jet has now been forfeited, according to a filing filed by the United States Department of Justice (DOJ) on October 4.
The possibility of losing the document comes from “one to four and seven cases of 22 Cr. He says it is because of the crimes described. 673 (LAK),” presented at SBF.
The aircraft listed are Bombardier Global and Embraer Legacy. According to documents filed Sept. 21 in U.S. Bankruptcy Court for the District of Delaware, the two planes are at the center of an ownership dispute between the government, FTX, and the jets' aviation company, Island Air Capital.
In the argument, the government stated that both the planes could be confiscated because they were bought with fraudulent money, while FTX said that the loan they took to buy the planes was not documented.
In the year In December 2022, the US Commodity Futures Trading Commission (CFTC) filed charges against SBF, FTX, and Alameda Research, alleging that the latter violated the Commodity Markets Act. One of the CFTC's allegations against SBF was that it “used FTX's customer funds for various personal expenses,” including private jets.
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The filing comes as Bankman-Fried faces a November 2022 trial on multiple charges related to the FTX collapse. SBF pleaded not guilty to all charges. The trial will be presided over by Judge Lewis Kaplan.
The trial began on October 3rd with jury selection, and prosecution and defense arguments were heard the following day on October 4th.
The DOJ's opening statement said Bankman-Fried deliberately deceived customers and investors to get rich and expand his business, while SBF's defense argued he was a young entrepreneur whose business plan “failed.”
Cointelegraph is on the ground in New York with the latest updates on the trial. Follow live updates here.
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