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U.S. prosecutors are seeking court approval to sell two luxury jets connected to former FTX CEO Sam Bankman-Fried. Their request is contained in a<a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.416.0.pdf"> letter</a> addressed to the United States District Judge, Judge Lewis Kaplan of the Southern District of New York. 
The letter submitted by U.S. Attorney Damian Williams details a proposed agreement and court order concerning a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ, both associated with Sam Bankman-Fried. Earlier legal records show that the Bombardier was bought for $15.9 million and $12.5 million for the Embraer. 
<h2 id="b-asset-disposal-request-meets-no-objection-b">Asset Disposal Request Meets No Objection</h2> 
The proposed arrangement will involve consensus among various stakeholders, which include FTX debtors, former FTX executive Ryan Salame, and Paul Aranha, the founder of a Bahamian charter flight company responsible for Bankman-Fried’s aircraft transportation to and from the Bahamas. 
In the footnote of the letter, the prosecutors state that Bankman-Fried and his legal representatives did not raise objections to the proposed order. Meanwhile, there are up to<a href="https://thecoinrise.com/ftx-up-to-5b-in-us-government-claims-unveiled-amid-bankruptcy-proceedings/"> $5 billion in U.S. government claims</a> against embattled FTX. 
<h2 id="b-government-requests-court-authorization-b">Government Requests Court Authorization</h2> 
Williams’ letter also indicates that the government is requesting court authorization to proceed with the interlocutory sale of the airplanes under Rule 32.2 of the Federal Rules of Criminal Procedure and Rule G(7) of the Supplemental Rules for Admiralty or Maritime Claims and Asset Forfeiture Actions. 
According to previous court documents filed by Aranha, FTX had requested the planes be upgraded to include state-of-the-art wifi and entirely new interiors. However, the planes were never used as the upgrades were still in progress when FTX collapsed in November. 
<h2 id="b-sam-bankman-fried-sentencing-looms-b">Sam Bankman-Fried: Sentencing Looms</h2> 
In November 2024, Sam Bankman-Fried was convicted by a New York jury on all seven charges of defrauding FTX’s clients, creditors, and backers. FTX had before then filed bankruptcy proceedings in November 2022. 
Bankman-Fried is due for sentencing on March 28th. Prosecutors are advocating for <a href="https://thecoinrise.com/ftx-founder-needs-to-face-40-50-years-prosecutors/">a prison term ranging from 40 to 50 years</a>. The 116 pages in a Government Sentencing Memorandum submitted to Judge Lewis Kaplan on March 15 detailed the various unlawful activities against Bankman-Fried. However, his defense team has previously sought a shorter sentence spanning from 63 to 78 months even as<a href="https://thecoinrise.com/ftx-founder-to-undergo-image-transformation-documents/"> Bankman-Fried is strategizing to transform his public image</a> afterward. 
The post <a href="https://thecoinrise.com/u-s-prosecutors-seek-approval-to-sell-jets-tied-to-sam-bankman-fried/">U.S. Prosecutors Seek Approval to Sell Jets Tied to Sam Bankman-Fried</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

U.S. Prosecutors Seek Approval to Sell Jets Tied to Sam Bankman-Fried

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