June 17, 2024
Fallen crypto king Sam Bankman-Fried will not face a second trial, lawyers say

US prosecutors submitted a letter to a New York federal court docket Friday saying that they don’t plan to proceed with a second trial towards Sam Bankman-Fried, the disgraced founding father of crypto trade FTX.

Bankman-Fried was discovered responsible in November on seven counts of fraud and conspiracy associated to FTX’s collapse.

Bankman-Fried was set to face a second trial in March on 5 further fees that have been severed from the unique proceedings. A federal choose had requested prosecutors to resolve by February 1 whether or not that may proceed.

Prosecutors on Friday stated a lot of the proof that may be introduced towards Bankman-Fried was already provided within the first trial.

Bankman-Fried is ready to be sentenced in March 2024, the place he faces as much as 110 years in jail.

“Provided 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,” the letter from US Lawyer Damian Williams stated.

The letter additionally stated that the sentencing “will probably embrace orders of forfeiture and restitution for the victims of the defendant’s crimes.”

A spokesman for Bankman-Fried declined to remark.

Bankman-Fried was beforehand extradited from the Bahamas, which has not but granted consent for a trial on the remaining fees, “and the Authorities doesn’t have a timeline for when The Bahamas could reply to its request,” prosecutors wrote.

The FTX saga was probably the most vital white-collar crime instances in latest reminiscence since Bernie Madoff’s 2009 Ponzi scheme.

Bankman-Fried’s trial included 15 days of testimony and about four-and-a-half hours of juror deliberations.

Crypto’s former golden boy was discovered responsible of stealing billions of {dollars} from accounts belonging to prospects of his once-high-flying crypto trade FTX. He was additionally discovered responsible of defrauding lenders to FTX’s sister firm, the hedge fund Alameda Analysis, which held FTX buyer funds in a checking account.

Bankman-Fried moreover was discovered responsible of are defrauding traders in FTX and a money-laundering cost.

– CNN’s Allison Morrow contributed to this report.

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