SBF flew too high, and now FTX's luxury jets could be forfeited

Two multi-million dollar jets connected to FTX CEO Sam Bankman-Fried and subject to the failed crypto exchange's bankruptcy over the past year may end up being forfeited. 

A Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ could be seized, prosecutors said in a filing on Wednesday. 

The Bombardier was bought for $15.9 million and the Embraer for $12.5 million, according to court documents. 

Paul Aranha founded Trans Island Airways, a Bahamian charter flight company that operated Bankman-Fried's planes to and from the Bahamas, according to a September filing. 

Upgrades

"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," Aranha said. 

Aranha said FTX wanted upgrades to the planes, including "state-of-the-art wifi and entirely new interiors." Ultimately the planes were never used since the upgrades were still being worked on when FTX collapsed in November, Aranha said. 

Bankman-Fried is going into the third day of his trial on Thursday. He faces decades in prison if he is convicted over a slew of charges including fraud over allegations that he and other FTX executives used billions of customer assets to make their own failed investments. FTX filed for bankruptcy late last year.