Prepare for the dramatic saga as Sam Bankman-Fried, the mastermind behind the now-defunct FTX crypto exchange, faces his impending prison sentence. Brace yourself for the riveting legal showdown as prosecutors aim to offload two lavish jets connected to the former crypto tycoon with the court’s blessing.
Prosecutors Plead For Sale Of Exclusive Jets
In an electrifying March 22 court filing, prosecutors in the high-stakes case against Bankman-Fried have petitioned for a court-sanctioned sale of two opulent jets tied to FTX and its enigmatic founder.
As detailed by Atty. Damian Williams in a letter to Judge Lewis Kaplan, the government seeks to execute a pre-trial sale of two top-of-the-line jets, a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ, linked to Bankman-Fried.
The move to sell the private aircraft is a preventive measure to forestall their depreciation, as these assets were previously earmarked for forfeiture in October 2023 due to their association with Bankman-Fried’s legal entanglements.
At present, the exact selling price for the jets remains undisclosed, although they have been valued at $15.9 million and $12.5 million, respectively.
Moreover, Williams disclosed that all parties involved, including FTX’s former executive Ryan Salame, various debtors of FTX, government representatives, along with Capital Peak Aviation and Island Air Capital (IAC), unanimously agreed to the court order.
The Embraer Legacy aircraft is slated for transport to a Florida airport by IAC, with delivery anticipated within 30 days upon court approval.
As for the Global 5000 aircraft, it remains under tight supervision with the United States Marshals Service (USMS) overseeing its sale process, secured within the USMS’s Seized Asset Deposit Fund (SADF) until further directives from the court are issued.
Total crypto market cap on the daily chart of TradingView
Countdown to Sam Bankman-Fried’s Sentence
Await the thrilling climax as Sam Bankman-Fried, convicted in November 2023 on seven counts of fraud, braces for his potentially extensive prison term. The sentencing date for the ex-FTX CEO is fast approaching, set for Thursday, March 28.
Prosecutors are lobbying for a jaw-dropping sentence of 40 to 50 years, potentially sealing the fate of the once-revered 32-year-old crypto magnate behind bars until his 70s or 80s. Conversely, Bankman-Fried’s legal team is advocating for a more modest sentence of approximately five to six years.
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