Sam Bankman-Fried will not face a second trial, U.S. prosecutors decide By Reuters
© Reuters. FILE PHOTO: Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, leaves the Manhattan federal court in New York City, U.S. March 30, 2023. REUTERS/Amanda Perobelli/File Photo
NEW YORK (Reuters) -U.S. prosecutors said on Friday they do not plan to proceed with a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt FTX cryptocurrency exchange.
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 that interest “weighs particularly heavily here,” given that Bankman-Fried’s scheduled March 2024 sentencing will likely include orders of forfeiture and restitution for victims of his crimes.
It also said much of the evidence that would be offered at a second trial was already presented at the first trial.
Lawyers for Bankman-Fried did not immediately respond to requests for comment.
Jurors on Nov. 2 convicted Bankman-Fried on all seven counts he faced, after prosecutors accused him of looting $8 billion from FTX customers out of sheer greed.
The verdict came nearly one year after FTX filed for bankruptcy, in a meltdown that shook markets and erased Bankman-Fried’s once-$26 billion personal fortune.
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