US authorities confiscate Sam Bankman-Fried’s planes

Two luxury planes acquired by Sam Bankman-Fried (SBF) through the collapsed company FTX are subject to confiscation. This is stated in a document published by the United States Department of Justice document.

According to lawyers, Bombardier Global 5000 BD-700-1A11 and Embraer Legacy EMB-135BJ were purchased with funds obtained through fraudulent means. Meanwhile, FTX argued that the loans used to purchase the planes were documented.

Ownership, however, is contested by the Bahamian operator Island Air Capital (IAC). It claims to have bought both aircraft for $15.9 million and $12.5 million, using funds supplied by the exchange.

According to court filings, the planes were purchased in March and August 2022.

Representatives for IAC said they did not know and had no reason to suspect fraud by FTX, nor to question the source of funds.

Earlier, on October 3, hearings began in the case of Sam Bankman-Fried. He has been charged with seven counts, including conspiracy to commit fraud.

Earlier, former Alameda Research head Caroline Ellison and FTX co-founder Gary Wang admitted guilt on charges related to the platform’s collapse and agreed to assist the investigation.