It seems like US prosecutors won’t pursue a second trial against former FTX CEO Sam Bankman-Fried (SBF). Reports indicate they’ve decided against it, stating a strong public interest in wrapping up the case outweighs the benefits of another trial.
Last month, SBF was convicted of various charges, including wire fraud and securities fraud. The sentencing is scheduled for March 28, 2024, handled by Judge Lewis Kaplan of the New York District.
Prosecutors explained that most evidence for a second trial was already presented during the initial proceedings, which featured testimonies from nearly 20 witnesses, including former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang.
Ellison’s testimony claimed SBF aimed to manipulate Bitcoin prices, while Wang admitted to a massive fraud along with SBF, with both pleading guilty to federal fraud charges in December 2022.
The prosecutors believe the evidence from the first trial suffices for the sentencing hearing, emphasizing the practicality of considering existing exhibits.
While a second trial was initially anticipated to address additional criminal charges in March 2024, including bribery conspiracy and other fraud charges, prosecutors indicated that this wouldn’t impact the guidelines for SBF’s sentencing. The focus remains on the charges from the initial trial.
