Sam Bankman-Fried spared from second trial
STORY: U.S. prosecutors dropped plans for a second trial of Sam Bankman-Fried, founder of the now-bankrupt FTX cryptocurrency exchange.
In a letter filed in a Manhattan federal court Friday, prosecutors said “strong public interest” in a prompt resolution of their case against Bankman-Fried outweighed the benefits of a second trial.
Bankman-Fried was accused of looting $8 billion from FTX customers out of sheer greed.
Last month, he was convicted of fraud and conspiracy.
And would have faced a second set of six charges including campaign finance violations, conspiracy to commit bribery, and others.
Those six charges were severed from his first trial.
That’s because the Bahamas, where FTX was based, had not approved them as part of Bankman-Fried’s extradition to the U.S. in December 2022.
The 31-year-old former billionaire’s sentencing on March 28 will likely include orders of forfeiture and restitution for victims of his crimes.
His verdict came nearly a year after FTX filed for bankruptcy, erasing his once-$26 billion fortune in one of the fastest collapses of a major participant in U.S. financial markets.
Bankman-Fried testified at trial that he made mistakes running FTX, but maintained he did not steal customer funds. He is expected to appeal his conviction.
