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Former FTX CEO Sam Bankman-Fried is unlikely to face a second trial

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TL;DR

  • Sam Bankman-Fried may not get a second trial for fraud.
  • Prosecutors cite the need for victim compensation and lack of new evidence.
  • Bankman-Fried’s sentencing is set for March 28, 2024.

United States prosecutors have signaled that it is improbable that Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, will face a second trial. The decision comes after Bankman-Fried was found guilty of seven fraud charges in November 2023 relating to the collapse of FTX in November 2022. 

In a recent court filing, prosecutors emphasized the urgency of resolving the case in the public interest, especially considering the victims awaiting compensation for their FTX accounts.

No second trial anticipated

Following a four-hour jury deliberation in November 2023, Sam Bankman-Fried was convicted of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy, and one count of money laundering conspiracy. Given the severity of these charges and the conviction on all counts, prosecutors see little benefit in pursuing a second trial.

The prosecutors’ statement highlights the public interest in the case. They emphasized that the need to provide closure to FTX’s victims, who have been eagerly awaiting details about compensation, weighs heavily on their decision. The cryptocurrency exchange’s sudden collapse left many investors uncertain, and a swift resolution is essential to address their concerns.

Another factor that appears to have influenced the decision against a second trial is the scarcity of new evidence that could be presented. Prosecutors have argued that most crucial evidence was already revealed during the initial trial, leaving little room for substantial additions or alterations in a potential second trial. This further diminishes the likelihood of the case being retried.

Sentencing date set

Sam Bankman-Fried’s sentencing date has been scheduled for March 28, 2024. Judge Lewis Kaplan denied his request for a four- to six-week adjournment on the sentencing hearing. The judge asserted that the defense did not object to the initial sentencing date when it was originally set. Moreover, it was noted that Bankman-Fried had already received one extension for filing sentencing submissions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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