SBF’s Multi-Million Dollar Jets Set for Forfeiture
Embattled founder and CEO of defunct exchange FTX Sam Bankman-Fried (SBF) is on the cusp of suffering another series of major losses.
According to a court document submitted to the Southern District of New York, his multi-million dollar private jets are on the verge of being forfeited.
The two private jets in question are identified as a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ.
The Bombardier Global carried a hefty price tag of $15.9 million, while the Embraer Legacy cost $12.5 million, bringing the total cost to over $28.5 million.
According to court documents shared online, US Attorney Damian Williams is seeking a court order to compel SBF to relinquish ownership of these jets due to the legal proceedings against him.
During its years of operation, the FTX crypto exchange was situated in the Bahamas, and SBF purchased the multi-million dollar aircraft to aid his movements across the globe.
Another court document showed that Paul Aranha, a Bahamian businessman and pilot, purchased and operated the planes on behalf of the disgraced cryptocurrency exchange founder.
Aranha carried out the maintenance, purchases, and flights via Trans Islands Airways (TIA) – a private charter and flight business he founded in 2012.
The aviation founder stated that his business dealings officially commenced in 2021. Until SBF's arrest, TIA provided approximately $15 million worth of private charter services to SBF, FTX executives, employees, business associates, guests, friends, and family.
Aranha's TIA was also contracted for a series of aircraft upgrades after SBF and FTX approval.
According to Aranha's testimony, SBF requested state-of-the-art Wi-Fi installation and entirely new interiors to suit his preferences.
How
Read more on cryptonews.com
