No Second Trial Planned for Sam Bankman-Fried:
- Sam Bankman-Fried, founder of FTX, will not face a second criminal trial.
- American prosecutors believe the evidence from the first trial is sufficient.
- Sentencing is scheduled for March 2024, with a potential sentence of over 100 years.
A Second Trial deemed unnecessary by prosecutors
Sam Bankman-Fried, founder of the cryptocurrency exchange platform FTX, will not be subject to a second criminal trial, according to federal prosecutors.
This decision, revealed in a letter filed with the federal court in New York, suggests that a second trial would unnecessarily delay the resolution of the case.
“Given this practical reality and the strong public interest in swift resolution of this case, the government intends to proceed to sentence on the counts for which the defendant was convicted following his trial.”
the prosecutors stated
Furthermore, prosecutors argued that the evidence presented during the first trial already clearly demonstrated the financial crimes committed by Bankman-Fried as the head of FTX. According to them, a new trial would simply be unnecessary in the resolution of this case.
Reviewing Sam Bankman-Fried’s Trial
The decision not to pursue a second trial puts an end to speculation about potential additional criminal charges against Bankman-Fried. In November, a jury found him guilty on seven counts, including wire fraud, securities fraud, and money laundering.
Bankman-Fried’s sentencing is scheduled for March 2024, and he faces a maximum prison sentence of over 100 years.
As a reminder, Bankman-Fried’s crimes, revealed in 2022, resulted in the loss of several billion dollars in funds, negatively impacting the cryptocurrency market as a whole.