The US Department of Justice (DOJ) intends to confiscate two luxury jets worth over $28 million linked to disgraced FTX co-founder Sam Bankman-Fried. The aircraft was listed as part of SBF’s properties in a Wednesday court filing, and the prosecutor is now poised to add them to the list of recovered assets in the ongoing bankruptcy proceedings.
The two private jets are a Bombardier Global 5000 BD-700-1A11 with registration number N410AT and an Embraer Legacy EMB-135BJ with registration number C6-BDE. Also, the jets cost $15.9 million and $12.5 million, respectively, the court documents revealed.
More Luxuries Uncovered
A September 21 filing revealed that FTX bought the aircraft in March and August 2022 and employed Island Air Capital (IAC), a Bahaman-based flight operator, to handle the jets and provide traveling services to SBF, FTX executives, and other business associates.
“From approximately October 2021, TIA provided more than $15 million worth of private charter and cargo flights, customized plane upgrades, and other services to SBF and other FTX executives, employees, business associates, guests, family, and friends,” IAC owner Paul Aranha stated.
Prosecutors have seized a couple of properties from the ex-FTX executives, including a $3.7 million island home owned by Nishad Singh. The executives allegedly spent $121 million acquiring exquisite properties in the Bahamas before the exchange’s demise.
DOJ Has IAC to Shrug Off
The Justice Department will be able to confiscate the aircraft if it can prove that FTX acquired them using fraudulent means. In the meantime, IAC is claiming ownership of the luxury jets.
IAC’s Aranha filed a court case claiming his company was the legitimate owner of the aircraft, stating that it acquired them through “an unsecured, non-interest loan agreed to in a handshake deal” between FTX’s SBF and the firm. According to Aranha, his company just needs to pay $15 million to cover the loan it owes FTX.
SBF is currently facing trial and could spend up to 115 years in jail if convicted. He is in court over claims he and his allies used billions of customer funds for personal interests.
