No Second Felony Trial for Sam Bankman-Fried, Prosecutors Say
Federal prosecutors have introduced that FTX founder Sam Bankman-Fried is not going to face a second felony trial, in accordance with a letter filed in New York federal courtroom on Friday.
Within the letter, prosecutors argued {that a} second trial would “delay” a “well timed and simply decision of the case.” In addition they acknowledged that the federal government’s authentic case in opposition to Bankman-Fried had already supplied ample proof that he dedicated a collection of economic crimes throughout his tenure at FTX, making a second trial largely pointless.
“On condition that sensible actuality, and the robust public curiosity in a immediate decision of this matter, the Authorities intends to proceed to sentencing on the counts for which the defendant was convicted at trial,” prosecutors wrote within the letter to Choose Lewis Kaplan, who presided over Bankman-Fried’s first felony trial final fall.
The letter places an finish to hypothesis that Bankman-Fried may very well be tried on further felony fees.
In November, a jury discovered Bankman-Fried responsible of seven counts of wire fraud, securities fraud, and cash laundering, amongst different fees. His crimes, which got here to mild in 2022, resulted within the lack of billions of {dollars} value of FTX and Alameda Analysis traders’ funds, deepening a crypto market downturn that had begun earlier that yr.
Bankman-Fried is scheduled to be sentenced in March 2024 and faces a most jail sentence of greater than 100 years.
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