Sam Bankman-Fried will not face a second trial on additional charges following his conviction for fraud last month.
Key Takeaways
- Sam Bankman-Fried will not face a second trial on additional charges after being convicted of fraud and conspiracy.
- Prosecutors dropped plans for a second trial in the interest of expediency, with sentencing set for March 28, 2024.
- The Bahamas, which extradited Bankman-Fried, has not consented to the US proceeding with additional charges.
- Evidence for the second trial was largely introduced in the original trial, contributing to the decision to forego a second trial.
No Second Trial for Bankman-Fried
Following Sam Bankman-Fried’s conviction on seven counts, including fraud and conspiracy, the co-founder of FTX Cryptocurrency Derivatives Exchange will not face a second trial on additional charges. Prosecutors, in a letter to US District Judge Lewis Kaplan, expressed their decision to drop plans for a second trial in the interest of expediency.
Fallen cryptocurrency king Sam Bankman-Fried won’t face another trial after the co-founder of FTX was convicted of a massive fraud last month. https://t.co/czU0BBHYFu
— Financial Review (@FinancialReview) December 30, 2023
The Bahamas, responsible for Bankman-Fried’s extradition to face the initial charges in the US, has not given consent to proceed with additional charges, a requirement under treaty obligations. Despite this, much of the evidence intended for the second trial was already introduced during the original trial, providing a basis for consideration by the judge during sentencing, scheduled for March 28, 2024.
Comment from Bankman-Fried’s Side
A spokesperson for Sam Bankman-Fried declined to comment on the recent developments. The legal challenges initiated by Bankman-Fried in the Bahamas contributed to the decision to split the case into two parts.
The decision to forego a second trial was characterized as advancing the public’s interest in a timely and just resolution of the case, as stated in the prosecutors’ letter.
To Conclude
Sam Bankman-Fried, facing the possibility of decades in prison following his conviction for fraud, will not undergo a second trial on additional charges.
Prosecutors cited expediency as the reason for dropping plans for a second trial, emphasizing that much of the evidence was already presented in the original trial. The Bahamas’ consent for additional charges is pending, and sentencing is scheduled for March 28, 2024, marking a pivotal moment in the highest-profile criminal prosecution within the cryptocurrency world.
