Sam “SBF” Bankman-Fried’s two multi-million dollar luxury planes are now subject to forfeiture, according to to a United States Department of Justice (DOJ) filing on October 4.
The document states that the possibility of forfeiture arises from the “offenses described in counts one through four and seven of indictment 22 Cr. 673 (LAK),” which were filed against SBF.
The aircraft listed are a Bombardier Global and an Embraer Legacy. These two planes are currently at the center of an ownership debacle between the government, FTX, and the airline that operates the jets, Island Air Capital, according to documents filed September 21 in the U.S. Bankruptcy Court for the District of Delaware.
In its arguments, the government said the two planes could be confiscated because they were purchased with fraudulent funds, while FTX said the loans used to buy the planes were undocumented.
In December 2022, the United States Commodity Futures Trading Commission (CFTC) filed a complaint against SBF, FTX and Alameda Research, accusing the latter of violating the Commodity Exchange Act. The CFTC’s accusations against SBF included that it “used FTX client funds for various personal expenses,” including private jets.
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This filing comes as Bankman-Fried is currently trial on multiple charges related to the fall of FTX in November 2022. SBF has pleaded not guilty to all charges. The trial is presided over by Judge Lewis Kaplan.
The trial began October 3 with jury selection and closing arguments from the prosecution and defense. were heard the next day on October 4.
The DOJ’s opening statement portrayed Bankman-Fried as deliberately misleading clients and investors into enriching themselves and expanding their operations, while SBF’s defense argued he was simply a young entrepreneur whose business plans “didn’t work.”
Cointelegraph is on the ground in New York with the latest updates on the lawsuit. Follow live updates here.
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