Fun

US government asks for court approval to sell private jets tied to Sam Bankman-Fried

News Feed - 2024-03-23 03:03:51

Turner Wright5 hours agoUS government asks for court approval to sell private jets tied to Sam Bankman-FriedThe U.S. Marshals Service has custody of a Bombardier Global tied to FTX, and prosecutors are seeking to transport an Embraer Legacy aircraft to Florida to begin sales proceedings.2355 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksProsecutors in the United States government’s case against Sam “SBF” Bankman-Fried proposed a court order to sell two private aircraft before the conclusion of the forfeiture proceedings against the former FTX CEO.


In a March 22 filing with U.S. District Court for the Southern District of New York, U.S. Attorney Damian Williams said the government sought to execute an interlocutory sale of two planes tied to FTX and SBF “to prevent their devaluation.” Prosecutors argued in October 2023 that the Bombardier Global and Embraer Legacy aircraft were subject to forfeiture due to their ties to Bankman-Fried’s criminal case.


It’s unclear what price tag the government intends to use for the aircraft, which cost $15.9 million and $12.5 million, respectively, according to October 2023 court filings. Prosecutors said they intended to reimburse up to $1.8 million related to maintenance and upkeep and $183,000 for delivery of the Legacy, assuming the proceeds from the sale were sufficient.Source: Byron York


According to Williams, prosecutors reached an agreement with FTX and related parties to have the Embraer Legacy delivered to a Florida airport where the U.S. Marshals Service (USMS) can begin proceedings for a sale “in a timely fashion.” The USMS already has custody of the Bombardier Global following a February 2023 warrant.


Related:FTX victims will ‘never’ be whole thanks to SBF’s ‘dumpster fire’ — John Ray


The luxury jets are just a few of the assets tied to Bankman-Fried subject to forfeiture following his criminal conviction. A March filing listed assets including Robinhood stock, fiat currency in U.S. dollars, cryptocurrency in Binance and Binance.US accounts, and political contributions SBF made during his time as FTX CEO. Bankman-Fried and his attorney, Marc Mukasey, did not object to the aircraft sale.


The former FTX was convicted of seven felony counts in November 2023 and is behind bars while awaiting a March 28 sentencing hearing. Prosecutors have recommended that SBF serve 40 to 50 years, while his attorneys have asked a judge to impose a 6.5-year sentence.


Magazine:Can you trust crypto exchanges after the collapse of FTX?# United States# Court# Sam Bankman-Fried# FTX# RegulationAdd reactionAdd reactionRead moreFTX to offload $1B Anthropic stake to pay off bankruptcy debts within weeks — reportMontenegrin authorities to release Do Kwon as he awaits extradition: ReportMontenegrin court postpones Do Kwon’s extradition to South Korea

News Feed

British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated
British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated According to British lawmakers, a central bank digital currency (CBDC) is l
US Senators Unveil New Crypto Bill — Experts Call It the ‘Most Direct Attack’ on Personal Freedom and Privacy of Crypto Users
US Senators Unveil New Crypto Bill — Experts Call It the "Most Direct Attack" on Personal Freedom and Privacy of Crypto Users Two U.S. senators, including Elizabeth Warren, have
Elon Musk accepts challenge to fight president of Venezuela
Tristan Greene4 hours agoElon Musk accepts challenge to fight president of VenezuelaAfter ducking Mark Zuckerberg, Musk has now agreed to fight 61-year-old Nicolas Maduro on live TV.920 Total views2 Total sharesListen to
Montenegrin court postpones Do Kwon’s extradition to South Korea
Turner Wright8 hours agoMontenegrin court postpones Do Kwon’s extradition to South KoreaDo Kwon faces fraud charges in the United States and South Korea as authorities compete to extradite the Terraform Labs co-founder
Gareth Jenkinson1 hour agoBNB Chain hard fork to improve security and compatibility with EVM chainsBinance’s BNB Chain is set for two upgrades aimed at improving the finality of the network and compatibility with other
US presidential debate inexplicably omits AI and quantum
Tristan Greene5 hours agoUS presidential debate inexplicably omits AI and quantumOther terms that went unmentioned were cryptocurrency, blockchain, central bank digital currency, deepfake and election security.2435 Total
US Resident Operated Illegal Bitcoin Exchange Business – Faces 25 Years in Jail
US Resident Operated Illegal Bitcoin Exchange Business - Faces 25 Years in Jail An Ontario man based in San Bernardino County of the U.S. has agreed to plead gui
Ezra Reguerra14 hours agoNFTs are ‘totally worthless’ says mainstream media, community respondsA community member highlighted the drastic shift in mainstream media narrative, sharing a previous article promoting the
NFT Sales Stave off Crypto Market Downturn This Week With a Slight Uptick in Volume
NFT Sales Stave off Crypto Market Downturn This Week With a Slight Uptick in Volume Non-fungible token (NFT) sales have managed to stay consistent this week while the crypto econom
Solana Flips Bullish: Price Climbs Above Ichimoku Cloud With Strong Momentum
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Heroes of Arcan Announces Community-Driven Heroic Fantasy Play-to-Earn Game
Heroes of Arcan Announces Community-Driven Heroic Fantasy Play-to-Earn Game press release PRESS RELEASE.Heroes of Arcan aims to create a play-to-earn game that offers players engagi
Bitcoin Price Breaking Out Of This Pattern — Can BTC Reclaim $90,000?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu