Sam Bankman-Fried will not face second trial after fraud conviction: prosecutors

US prosecutors said on Friday that they do not plan to proceed with a second trial against Sam Bankman-Fried, who was convicted last month of stealing from clients of his now-bankrupt cryptocurrency exchange FTX.

In a letter filed in federal court in Manhattan, prosecutors said the strong public interest in a prompt resolution of the case outweighed the benefits of a second trial.

They said the interest “weighs particularly heavily here,” given that Bankman-Fried’s sentencing scheduled for March 2024 will likely include forfeiture and restitution orders for victims of her crimes.

Prosecutors said much of the evidence that would be offered in a second trial was already presented in the first. REUTERS

Bankman-Fried stands with her lawyers after the verdict was read on November 2.Bankman-Fried with her lawyers after the verdict was read on November 2. REUTERS

He also said that much of the evidence that would be offered in a second trial was already presented in the first.

Bankman-Fried’s attorneys did not immediately respond to requests for comment.

On November 2, the jury convicted Bankman-Fried of all seven counts he faced, after prosecutors accused him of looting $8 billion from FTX clients out of pure greed.

The verdict came nearly a year after FTX filed for bankruptcy, in a crisis that shook markets and wiped out Bankman-Fried’s personal fortune, which once stood at $26 billion.

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Source: vtt.edu.vn

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