U.S. Prosecutors Declare that FTX Founder Sam Bankman-Fried Will Not Face a Second Criminal Trial

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Last Updated on December 30, 2023 by Bitfinsider

Federalism’s founder Sam Bankman-Fried will not be subject to a second criminal trial, according to a letter filed by federal prosecutors in New York federal court on Friday.

Prosecutors argued in the letter that conducting a second trial would “delay” a “just and timely resolution of the case.” According to the filing, the government’s attorneys also contended that their initial case against Bankman-Fried had sufficiently established that the former executive was implicated in a multitude of financial offenses during his employment at FTX, rendering a second trial largely superfluous.

Prosecutors stated in the letter to Judge Lewis Kaplan, who presided over Bankman-Fried’s initial criminal trial last fall, “The Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial, in light of that practical reality and the strong public interest in a prompt resolution of this matter.”

The letter dispels any lingering conjecture regarding the possibility that Bankman-Fried might face further criminal charges. Law enforcement agencies in the Bahamas, where Bankman-Fried’s companies were situated, and the United States engaged in a dispute earlier this year regarding which nation’s prosecutors possessed the authority to prosecute the former CEO of FTX.

A jury found Bankman-Fried guilty in November of, among other offenses, seven counts of wire fraud, securities fraud, and money laundering. The revelation of his criminal activities in 2022 led to the depletion of FTX and Alameda Research investors’ funds by billions of dollars, exacerbating an already severe decline in the cryptocurrency market that had commenced earlier that same year.

The sentencing date for Bankman-Fried is March 2024. His potential sentence in prison exceeds one hundred years.

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