Indicted FTX founder Sam Bankman-Fried arrives at the United States Courthouse in New York City, July 26, 2023.
Amr Alfiky | Reuters
Prosecutors have decided not to pursue a second trial against disgraced FTX founder Sam Bankman-Fried.
In a note to Judge Lewis Kaplan on Friday, the U.S. government explained that the decision to forego a second set of proceedings had to do with the fact that much of the evidence that would have been presented in a second trial had already been submitted to the Court during Bankman-Fried’s first criminal trial.
In November, following a month’s worth of testimony, a jury found the former FTX chief executive guilty of all seven criminal counts against him. Prosecutors added that the Court could consider the evidence already entered as exhibits during these proceedings when he is sentenced next year.
“Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial,” continued the government’s letter to Judge Kaplan.
Bankman-Fried, the 31-year old son of two Stanford legal scholars and graduate of the Massachusetts Institute of Technology, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.
He had pleaded not guilty to the charges, which were all tied to the collapse of FTX and sister hedge fund Alameda late last year.
The FTX founder faces more than 100 years in prison. His sentencing hearing is set for March 28.
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