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Sam Bankman-Fried will not face a second trial

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FTX founder Sam Bankman-Fried, who was found guilty of fraud by stealing from his customers, will not face a second trial.

Prosecutors told a US federal court that they do not intend to hold a second trial against Bankman-Fried as the evidence that would be presented during the second trial would be the same as already entered during the first one.

The 31-year-old billionaire’s sentencing is due in March and is likely to include orders of forfeiture and restitution for victims of his crimes.

In their letter, the prosecutors also said that holding a second trial would go against the “strong public interest in a prompt resolution” of the case.

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The US prosecutor also asked the court to consider the evidence for the second trial during Bankman-Fried’s sentencing for conviction in the first fraud trial.

Why could Banman-Fried face a second trial after his conviction?

In November, Bankman-Fried was accused of stealing $8 billion from FTX customers. A jury then convicted him of all seven charges,including wire fraud, wire fraud conspiracy and three conspiracy charges.

However, he was also indicted with six additional charges not included in the first trial. The charges that were left out included conspiracy to make unlawful campaign contributions, conspiracy to bribe foreign officials and two other conspiracy counts.

These charges were withdrawn from the first trial as they were not accepted as part of his extradition from the Bahamas in December 2022.

The prosecutors had at the time decided the additional charges would be presented for a second trial in 2024.

The founder of now bankrupt FTX cryptocurrency exchange could face decades in prison. He is expected to appeal his conviction.

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mfi/sms (AP, Reuters)

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