U.S. DOJ Decides Against a Second Trial for Sam Bankman-Fried

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The United States prosecutors have decided against conducting a second trial for Sam Bankman-Fried, the former CEO of now-defunct cryptocurrency exchange FTX. Notably, the crypto entrepreneur was convicted last month for his role in defrauding FTX customers of their deposits up to the tune of $8 billion.

According to a letter filed on Friday night in a federal court in Manhattan, the prosecutor stated that the benefit of having a second trial does not meet up with the “strong public interest” in resolving the case against Sam Bankman-Fried.

FTX’s Former CEO Found Guilty

After several implicating testimonies from his colleagues and about four hours of deliberation amongst the jury, Bankman-Fried was found guilty of seven charges in November, precisely, two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy, and one count of money laundering conspiracy. 

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This was after the 31-year-old man had pleaded not guilty to the criminal charges levied against him when the exchange faced insolvency last yeR November. 

U.S. Judge to Pronounce Judgement Against SBF in March 2024

He is meant to return to court on March 28th, 2024 to receive his sentence from New York District Judge Lewis Kaplan. Bankman-Fried was initially levied with thirteen charges but was extradited to the United States from the Bahamas in December 2022 to face seven of those charges. The remaining charges are expected to be brought up in a second trial although the Bahamas is yet to consent to it.

These six charges include campaign finance violations, conspiracy to commit bribery, and conspiracy to operate an unlicensed money-transmitting business. 

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Sam Bankman-Fried Needs No For Second Trial 

However, there were speculations about whether the court would move forward with these charges, considering the magnitude of the case that SBF had already. Moreso, his sentencing is bound to include forfeiture and restitution for victims of his crimes. The prosecutors believe that much of the evidence that could be presented in the second trial has already been offered in the first trial.

Owing to the severity of the charges against SBF, he is likely to spend several years behind bars. Each of the seven crimes carries as much as 5-20 years in prison. The decision is left to Judge Kaplan to make.

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