SBF Trial: Grounded private jets worth combined $70M may be forfeit in Bankman-Fried trial SBF Trial: Grounded private jets worth combined $70M may be forfeit in Bankman-Fried trial
High-flying crypto executive's expensive toys on the line in legal proceeding.
2 min read
Updated: Oct. 5, 2023 at 11:27 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Federal prosecutors filed a forfeiture bill of particulars on Oct. 5 specifying assets subject to forfeiture in the criminal case against cryptocurrency executive Samuel Bankman-Fried.
The filing in New York federal court listed two private jets prosecutors say are subject to forfeiture — a Bombardier Global 5000 and an Embraer Legacy. Prosecutors said the aircraft are subject to seizure under criminal forfeiture laws due to their connection to alleged crimes by Bankman-Fried.
The Bombardier Global 5000 is a super-large business jet produced by Bombardier Aerospace. It was first introduced in 2005. It has a seating capacity of up to 17 passengers and can travel at high speeds, with a maximum cruise speed of Mach 0.89. Its cabin is designed for long-haul flights with a range of 5,200 nautical miles (9,630 km). The Global 5000 is equipped with the Bombardier Vision flight deck, featuring a comprehensive avionics suite.
The Embraer Legacy is a series of business jets produced by the Brazilian manufacturer Embraer. The series includes multiple models, but the Legacy 600/650 can carry up to 13 passengers in a three-zone cabin. It has a cruise speed of Mach 0.80 and a range of 3,900 nautical miles (7,223 km). This range allows non-stop flights between city pairs such as London and New York or Dubai and London. The Legacy series is known for its comfort, reliability, and economical operation.
According to AircraftBluebook, the price of a new Bombardier Global 5000 ranges from $27 to $50 million for models produced between 2017 and 2022. The cost of a jet depends on the production year.
The price of a new Embraer Legacy 650 ranges from $16.25 to $19.75 million for models produced between 2015 and 2019.
SBF’s plane flight history.
Bankman-Fried, 30, has pleaded not guilty to charges he cheated investors and looted customer deposits at his cryptocurrency exchange FTX. His trial started this week.
Prosecutors said in the filing that the Bombardier jet has the registration number N410AT, and the Embraer Legacy’s registration is C6-BDE. The filing did not list any other assets subject to forfeiture at this time.
FlightAware says the Bombardier jet has been grounded for the past 8 months, yet it is unclear if this is in cooperation with any legal proceedings at this time. However, the Embraer’s flight paths have been made private by SBF, according to the flight tracking website. A notice reads,
“This aircraft (C6-BDE) is not available for public tracking per request from the owner/operator.”
Federal indictments previously filed against Bankman-Fried contain broader forfeiture allegations that could allow the government to pursue additional assets. The early Thursday filing provides more detail on specific property prosecutors seek to seize.
Bankman-Fried was arrested in the Bahamas in December and extradited to the U.S. to face charges alleging he diverted money from FTX to buy real estate, donate to politicians, and fund risky trades at his hedge fund, Alameda Research. FTX failed when it could not cover withdrawals after Alameda’s assets plummeted in value.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
FTX US Derivatives
FTX US Derivatives is a digital currency futures and options exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC).
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.