February 20, 2024
U.S. prosecutors mentioned they don’t plan to conduct a second trial towards Sam Bankman-Fried, who was convicted final month of stealing from clients of his now-bankrupt FTX cryptocurrency trade.

In a letter filed on Friday night time in federal courtroom in Manhattan, prosecutors mentioned the “robust public curiosity” in a immediate decision of their case towards the 31-year-old former billionaire outweighed the advantages of a second trial.

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Prosecutors mentioned that curiosity “weighs significantly closely right here,” provided that Bankman-Fried’s scheduled March 28, 2024, sentencing will possible embody orders of forfeiture and restitution for victims of his crimes.

Jurors on November 2 convicted Bankman-Fried on all seven fraud and conspiracy counts he confronted. Prosecutors had accused him of looting $8 billion from FTX clients out of sheer greed.

Attorneys for Bankman-Fried declined to remark.

Bankman-Fried had confronted six extra expenses that had been severed from his first trial, together with marketing campaign finance violations, conspiracy to commit bribery, and conspiracy to function an unlicensed cash transmitting enterprise.

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He had been extradited in December 2022 from the Bahamas, the place FTX was primarily based, to face the seven earlier expenses. The Bahamas has but to grant its consent for a trial on the remaining expenses, nevertheless, leaving the timetable unsure, prosecutors mentioned.

Bankman-Fried’s verdict got here practically one yr after FTX filed for chapter, erasing his once-$26 billion private fortune in one of many quickest collapses of a serious participant in U.S. monetary markets.

Bankman-Fried may face a long time in jail when he’s sentenced by U.S. District Decide Lewis Kaplan in Manhattan.

Prosecutors mentioned a lot of the proof that might be supplied at a second trial was already offered on the first trial.

Additionally they mentioned a second trial wouldn’t have an effect on how a lot time Bankman-Fried may face in jail underneath advisable federal pointers, as a result of Kaplan may contemplate all of Bankman-Fried’s conduct when sentencing him for the counts on which he was convicted.

Bankman-Fried is anticipated to attraction his conviction.

He testified at trial that he made errors operating FTX, together with by not making a crew to supervise threat administration, however didn’t steal buyer funds.

Bankman-Fried additionally mentioned he thought the borrowing of cash from FTX by his crypto-focused hedge fund Alameda Analysis was permissible, and that he didn’t notice how precarious their funds had turn out to be till shortly earlier than each collapsed.

The Massachusetts Institute of Know-how graduate has been jailed since August, when Kaplan revoked his bail after concluding that Bankman-Fried had possible tampered with potential trial witnesses.