As per a recent filing by the DOJ, the two jets owned by SBF the ex CEO of the cryptocurrency exchange FTX, are now subject to forfeiture. The filing indicates that the possibility of forfeiture follows amid charges against the disgraced entrepreneur. The jets include a Bombardier Global and an Embraer Legacy Aircraft. These two jets are at the heart of an ownership debate between the state, FTX, and the companies that operate these jets.
The government has made it clear that seizing these aircraft is probably the best outcome as they were bought with stolen funds. At the same time, FTX has highlighted that the loans used to purchase these planes were not documented.
Growing Problems for the Ex-FTX CEO
Back in December 2022, the CFTC filed a lawsuit against SBF, FTX, and Alameda Research and accused them of violating the Commodity Exchange Act. The CFTC alleged that SBF misused the funds of the customers by using them for several personal expenditures. This recent filing comes amid SBF’s ongoing trial for criminal and fraud charges.
The disgraced CEO has pleaded not guilty to all counts of these charges and is being heard by Judge Kaplan. The trial began on October 3, followed by the jury selection and opening statements from both the prosecution and the defense. The DOJ’s opening stance painted SBF as a deceiver who took advantage of customers and investors to get rich. Similarly, the defense argued that he was simply an entrepreneur whose plans did not work out.
Former FTX Executives to Testify Against SBF
As the trial has continued into its third day, people have varying views about SBF and his intentions. Keeping in mind the total number of charges, it is said that SBF could face up to 100 years in prison if proven guilty. The third day of the trial began in a Federal Court in lower Manhattan. It would feature Adam Yedidia’s second testimony stint, followed by the testimony of Gary Wang, the former co-founder of FTX and a key witness in the ongoing case.