Federal prosecutors have announced that FTX founder Sam Bankman-Fried will not face a second criminal trial, according to a letter filed in New York federal court on Friday.
Federal prosecutors have announced that FTX founder Sam Bankman-Fried will not face a second criminal trial, according to a letter filed in New York federal court on Friday.
In the letter, prosecutors argued that a second trial would "delay" a "timely and just resolution of the case." They also stated that the government's original case against Bankman-Fried had already provided ample evidence that he committed a series of financial crimes during his tenure at FTX, making a second trial largely unnecessary.
"Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial," prosecutors wrote in the letter to Judge Lewis Kaplan, who presided over Bankman-Fried's first criminal trial last fall.
The letter puts an end to speculation that Bankman-Fried could be tried on additional criminal charges.
In November, a jury found Bankman-Fried guilty of seven counts of wire fraud, securities fraud, and money laundering, among other charges. His crimes, which came to light in 2022, resulted in the loss of billions of dollars worth of FTX and Alameda Research investors' funds, deepening a crypto market downturn that had begun earlier that year.
Bankman-Fried is scheduled to be sentenced in March 2024 and faces a maximum prison sentence of more than 100 years.
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