Sam Bankman-Fried Will Not Face Second Trial After Fraud Conviction: Prosecutors

SBF will not face a second trial after being convicted of fraud: prosecutors

Business

From Portal

Published December 29, 2023, 7:07 PM ET

U.S. prosecutors said Friday they do not plan to pursue a second trial of Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt cryptocurrency exchange FTX.

In a letter filed in federal court in Manhattan, prosecutors said the strong public interest in a quick resolution of the case outweighed the benefits of a second trial.

They said the interest “is particularly serious here” because Bankman-Fried's sentencing, scheduled for March 2024, will likely include orders for forfeiture and restitution to victims of his crimes.

Prosecutors said much of the evidence presented in a second trial had already been presented in the first trial. Portal

Bankman-Fried will be with his lawyers after the verdict is read on November 2nd. Portal

It also said that much of the evidence that would be presented in a second trial had already been presented in the first trial.

Bankman-Fried's lawyers did not immediately respond to requests for comment.

Jurors convicted Bankman-Fried on November 2 on all seven counts he faced after prosecutors accused him of looting $8 billion from FTX customers out of sheer greed.

The ruling came nearly a year after FTX filed for bankruptcy, in a collapse that rocked markets and wiped out Bankman-Fried's once $26 billion in personal wealth.

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