Feds: OK, You Can Have Your Little Jet Back

Wednesday, Apr 15, 2009  |  Updated 11:30 AM PDT
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Feds: OK, You Can Have Your Little Jet Back

Gulfstream IV business jet

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SANTA ANA, Calif. -- Federal prosecutors have agreed to return to Broadcom co-founder Henry T. Nicholas III a private jet that was seized when he was indicted on drug charges.

Under a deal signed off April 9 by U.S. District Judge Cormac Carney, the former Broadcom chief must take out a $19 million insurance policy to cover the value of the Gulfstream IV.

Prosecutors seized the jet while investigating allegations the former Broadcom chief used it to transport drugs between his homes in Orange County and Las Vegas. Nicholas' attorneys argued the aircraft was improperly seized.

Nicholas has pleaded not guilty to the drug charges and to a separate indictment accusing him of conspiracy, securities fraud and other violations relating to backdated stock options of the computer chip company.

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