Accused FTX founder Sam Bankman-Fried arrives at the United States Courthouse in New York City on July 26, 2023.
Amr Alfiqi | Reuters
Prosecutors have decided not to pursue a second trial against disgraced FTX founder Sam Bankman-Fried.
In a memo to Judge Louis Kaplan on Friday, the US government explained that the decision to avoid the second set of proceedings was related to the fact that most of the evidence that would be presented in the second trial had already been presented. Court during Bankman-Fried's first criminal trial.
In November, following a month's worth of testimony, a jury convicted the former FTX chief executive. Among the seven criminal cases against him. Prosecutors added that when he is sentenced next year, the court may consider existing evidence during these proceedings as exhibits.
“Given that practical reality and the strong public interest in the prompt resolution of this matter, the government wishes to proceed with sentencing the defendant on the count on which he was convicted at trial,” the government's letter to Judge Kaplan continued.
Bankman-Fried, 31, the son of two Stanford law scholars and a graduate of the Massachusetts Institute of Technology, pleaded guilty to wire fraud and conspiracy to commit wire fraud against FTX customers, Alameda Research Lenders, securities fraud and conspiracy to commit commodity fraud against FTX investors, and money laundering. Conspiracy to do.
He has pleaded not guilty to charges related to the collapse of FTX and sister hedge fund Alameda late last year.
The FTX founder faces up to 100 years in prison. His sentencing hearing has been postponed to March 28.
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