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The U.S. Attorney’s Office for the Northern District of Georgiarecently announced that it was seeking forfeiture of two multi-million dollar private jets belonging to SBF, a Georgia-based investment firm. Both Gulfstream G650 jets, one valued at over $58 million and the other at over $50 million, were allegedly purchased with misappropriated funds from SBF’s foreign clients.
The indictment against SBF and its owner, Alan Edmondson, alleges that he and his firm fraudulently misused over $50 million of its clients’ funds. According to the indictment, Edmondson and SBF dishonestly solicited funds from their clients both in the U.S. and abroad, then misused those funds to pay for personal expenses and investments including the purchase of two private jets.
The indictment also charges Edmondson with obstruction of justice after Edmondson allegedly tried to hide the jet purchases from government investigators. The government is alleging that Edmondson, with the assistance of his legal counsel, tried to cover up his involvement in the purchase by falsely stating that the jets were owned and solely operated by a company called Artega LLC.
Through this case, the government is sending a strong message that those who abuse the trust of their clients to misappropriate funds for personal use can face strong legal action. The U.S. Attorney’s Office intends to seize the jets in order to obtain justice for the investors who were allegedly defrauded by Edmondson and SBF.