Sam Bankman-Fried, who was found guilty last month of stealing from clients of his now-bankrupt cryptocurrency exchange FTX, will not face a second trial, according to U.S. authorities.
Prosecutors claimed that the advantages of a second trial were outweighed by the “strong public interest” in a speedy settlement of their case against the 31-year-old former billionaire, in a document sent on Friday night to federal court in Manhattan.
Interest “weighs particularly heavily here,” according to the prosecution, considering that Bankman-sentence Fried Fried’s scheduled sentencing on March 28, 2024, is expected to include orders of forfeiture and restitution for victims of his crimes.
On November 2, a jury found Bankman-convicted Fried guilty of all seven charges of fraud and conspiracy. He was charged by prosecutors of embezzling $8 billion from FTX clients out of pure greed.
Six more charges against Bankman-Fried had been dropped from his initial trial; these included conspiracies to commit bribes, operate an unauthorized money transmission business, and violate campaign finance laws.
From the Bahamas, where FTX was headquartered, he had been extradited in December 2022 to answer to the seven prior allegations.
U.S. District Judge Lewis Kaplan in Manhattan may sentence Bankman-Fried to decades in jail if found guilty.
The case is Southern District of New York U.S. District Court v. Bankman-Fried, No. 22-cr-00673.
