Sam Bankman-Fried received’t face 2nd trial after fraud conviction: prosecutors

Industry

Via Reuters

Revealed
Dec. 29, 2023, 7:07 p.m. ET

US prosecutors stated Friday they don’t plan to continue with a 2nd trial towards Sam Bankman-Fried, who was once convicted final month of stealing from shoppers of his now-bankrupt FTX cryptocurrency trade.

In a letter filed in federal court docket in Ny, prosecutors stated the robust public pastime in a instructed solution of the case outweighed the advantages of a 2nd trial.

They stated that pastime “weighs in particular closely right here,” for the reason that Bankman-Fried’s scheduled March 2024 sentencing will most likely come with orders of forfeiture and restitution for sufferers of his crimes.

Prosecutors stated a lot of the proof that will be introduced at a 2nd trial was once already offered on the first trial. REUTERS

Bankman-Fried stands together with his legal professionals after the decision is learn on Nov. 2. REUTERS

It additionally stated a lot of the proof that will be introduced at a 2nd trial was once already offered on the first trial.

Attorneys for Bankman-Fried didn’t instantly reply to requests for remark.

Jurors on Nov. 2 convicted Bankman-Fried on all seven counts he confronted, after prosecutors accused him of looting $8 billion from FTX shoppers out of sheer greed.

The decision got here just about twelve months after FTX filed for chapter, in a meltdown that shook markets and erased Bankman-Fried’s once-$26 billion non-public fortune.

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