As Sam Bankman-Fried, the former head of FTX, prepares for his prison sentence, the US government has requested permission to sell two jets linked to him.
Prosecutors Seek Jet Sale
Prosecutors have asked the court to authorize the sale of two luxury jets, a Bombardier Global 5000 and an Embraer Legacy. They argue that selling the jets now will prevent them from losing value while they await forfeiture in Bankman-Fried’s criminal case.
The jets are currently valued at $15.9 million and $12.5 million, respectively. The government has not disclosed the expected selling price.
Sale Agreement
The sale request has been agreed upon by Bankman-Fried, FTX’s former executive Ryan Salame, and other parties. The Embraer Legacy will be moved to Florida within 30 days of the court’s approval. The Global 5000 will remain in custody of the US Marshals Service and will be sold through an escrow account.
Approaching Sentence Date
Bankman-Fried was convicted of fraud in November 2023 and faces a potential sentence of 40 to 50 years in prison. His sentencing is scheduled for March 28. Prosecutors are seeking a long sentence, while Bankman-Fried’s attorneys are asking for a shorter one of five to six years.
