Sam Bankman-Fried, Once a Crypto Emperor, Escapes Second Trial, Lawyers Assert
US prosecutors will not pursue a second trial against fallen crypto king Sam Bankman-Fried, as confirmed in a letter submitted to a New York federal court The disgraced FTX founder can now breathe a sigh of relief
The US prosecutors announced on Friday that they do not intend to pursue a second trial against Sam Bankman-Fried, the disgraced founder of crypto exchange FTX, as they submitted a letter to a New York federal court. In November, Bankman-Fried was convicted on seven counts of fraud and conspiracy in connection to the collapse of FTX.
Bankman-Fried was scheduled to go through a second trial in March for five separate charges that had been separated from the initial proceedings. A federal judge had requested prosecutors to make a decision by February 1 on whether to proceed with the trial.
On Friday, prosecutors stated that the majority of the evidence to be presented against Bankman-Fried had already been presented in the first trial.
Bankman-Fried is scheduled to be sentenced in March 2024 and could potentially receive a prison term of up to 110 years. In a letter from US Attorney Damian Williams, it was stated that the Government aims to move forward with sentencing for the charges the defendant was found guilty of at trial, considering the practical reality and the public interest in a timely resolution of the matter.
The letter also said that the sentencing "will likely include orders of forfeiture and restitution for the victims of the defendants crimes."
A spokesman for Bankman-Fried declined to comment.
Bankman-Fried was previously extradited from the Bahamas, where consent for a trial on the remaining charges has not yet been granted. Prosecutors noted that the government does not have a timeline for when The Bahamas may respond to its request.
The FTX saga has been compared to Bernie Madoff's 2009 Ponzi scheme and is considered one of the most significant white-collar crime cases in recent memory.
During Bankman-Fried's trial, there were 15 days of witness testimony and approximately four and a half hours of juror deliberation. The former crypto prodigy was convicted of embezzling billions of dollars from FTX customer accounts and defrauding lenders to the sister company, Alameda Research.
Bankman-Fried additionally was found guilty of include defrauding investors in FTX and a money-laundering charge.
- CNNs Allison Morrow contributed to this report.
