Good news for Sam Bankman-Fried. US prosecutors are reportedly planning to not conduct a second trial against the FTX founder, following Bankman-Fried’s guilty conviction in early November on charges of fraud and money laundering.
As per Reuters, a letter was filed in federal court in Manhattan last night, wherein prosecutors indicated that there was a “strong public interest” in wrapping up the case against the former crypto executive, which outweighed any benefits of holding a second trial.
The second trial, set for March, was set to determine whether Bankman-Fried was guilty on charges of campaign finance violations, conspiracy to operate an unlicensed money transmitting business, and conspiracy to commit bribery among other charges. The Bahamas however, from where Bankman-Fried was extradited on the initial seven charges he was found guilty of, had yet to grant consent for the second trial which complicated matters.
READ: BREAKING: Sam Bankman-Fried Found Guilty In All Counts, Faces 100+ Years In Jail
Instead, on March 28 Bankman-Fried will face sentencing on the seven seven charges he was found guilty of, which could mean decades in prison for the 31 year old. The second trial is estimated to have had a minimal impact on the sentencing outcome, given that US District Judge Lewis Kaplan, who will conduct sentencing, can take into consideration Bankman-Fried’s conduct as a whole when handing down his sentence.
Information for this briefing was found via Reuters and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
