SBF ready for custodial sentence? U.S. government allowed to sell assets

Sam Bankman-Fried, the founder and former chief executive officer (CEO) of defunct cryptocurrency exchange FTX, prepares for his prison sentence as prosecutors have formally asked the court to authorize the sale of assets related to the former cryptocurrency billionaire. Two planes. Since the defendants and their legal teams have agreed, the final step depends on court approval.

Prosecutors push for sale of luxury aircraft

On March 22, the U.S. District Court for the Southern District filed documents in which the government recommended that the court order the sale of two multimillion-dollar jets tied to FTX and its founder as part of the Bankman-Fried case. .

As Atty. Damian Williams stated in a letter to Judge Lewis Kaplan, the government seeks interlocutory judgment sales of two luxury aircraft, a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ.

In order to avoid the depreciation of the value of private jets, it was decided to sell these two jets. The assets are linked to Bankman-Fried's criminal case and will be forfeited in October 2023.

The government has not announced the specific sales price of the private jets, but they have determined that the valuations of the two aircraft are US$15.9 million and US$12.5 million respectively.

In addition, Williams revealed that the court order was made in consensus with multiple parties, including former FTX executive defendant Ryan Salame, Trans-Island Airways founder Paul Aranha, FTX’s debtors, the government, Capital Peak Aviation and Island Air Capital (IAC).

Lawyers revealed that the Embraer Legacy aircraft will be transported by IAC to an airport in Florida and is expected to be delivered within 30 days of the court order.

The Global 5000 aircraft remains under the security supervision of the U.S. Marshals Service (USMS), documents show. The USMS is responsible for managing the sale process for the aircraft, and proceeds from the sale will be temporarily held in the law enforcement agency's Seizure Assets Deposit Fund (SADF) until further order by the court.

Cryptocurrency total market capitalization on TradingView daily chart

Sam Bankman-Fried’s sentencing date is approaching

Sam Bankman-Fried was convicted by a New York jury in November 2023 of all seven counts of fraud and could face up to several years in prison for his alleged crimes. The sentencing date for the former FTX CEO is imminent, scheduled for Thursday, March 28.

Prosecutors in the case are seeking a sentence With a prison term of 40 to 50 years, this could see the 32-year-old former cryptocurrency billionaire incarcerated until he is 70 to 80 years old. Attorneys representing the FTX founders then recommended a prison sentence of approximately five to six years.

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