The FTX founder was once discovered in charge in a monetary fraud trial. December 29, 2023, 8:40 PM ET• 3 min readFTX founder Sam Bankman-Fried is not going to stand trial a 2nd time after federal prosecutors in New York mentioned Friday they wouldn’t prosecute the disgraced crypto government on fees he made illegal marketing campaign contributions.The price was once severed from the remainder of the case when Bankman-Fried was once convicted at trial in November.Prosecutors mentioned in a letter to the courtroom Friday night time “it does now not plan to continue with a 2nd trial,” which were scheduled to begin in March.FTX founder Sam Bankman-Fried leaves Big apple federal courtroom, June 15, 2023, in New York. Bebeto Matthews/AP, FILEProsecutors mentioned they had been conscious of the “robust public pastime in a recommended solution of this topic” because it deserted the hassle to check out Bankman-Fried once more.Bankman-Fried, 31, was once charged with seven counts of fraud, conspiracy and cash laundering in what federal prosecutors have described as “one of the crucial largest monetary frauds in American historical past.”He was once accused of the usage of buyer deposits at the crypto buying and selling platform FTX to hide losses at his hedge fund, repay loans and purchase lavish actual property, amongst different non-public bills.He pleaded now not in charge to all counts. With the conviction on all fees, he may face a sentence of as much as 110 years in jail. His sentencing was once scheduled for March 28, 2024.
