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Sam Bankman-Fried, the co-founder of FTX and former prominent figure in the cryptocurrency realm, will not undergo a second trial on additional charges.
Prosecutors informed US District Judge Lewis Kaplan that, for the sake of expediency, they would abandon plans to try Bankman-Fried on charges including conspiracy to bribe foreign officials, commit bank fraud, and operate an unlicensed money transmitting business. The 31-year-old entrepreneur was recently convicted of seven counts of fraud and conspiracy, potentially facing decades in prison as a result.
US Prosecutors Said Additional Charges Ain’t Essential
In a recent development, prosecutors have revealed that the Bahamas, the country that extradited Sam Bankman-Fried to face initial charges in the United States, has not yet given its consent for the U.S. to proceed with trying him on additional charges.
This consent is mandated by treaty obligations. However, Bankman-Fried, the former CEO of FTX, initiated a legal challenge in the Bahamas earlier this year, leading the U.S. authorities to bifurcate the case.
The government highlighted that a significant portion of the evidence slated for a second trial had already been presented during Bankman-Fried’s original trial. As a result, the judge can consider this evidence during the sentencing phase scheduled for March 28. The letter also notes:
“Proceeding with sentencing in March 2024 without the delay that would be caused by a second trial would advance the public’s interest in a timely and just resolution of the case”.
SBF, And His FTX Fraud
In a significant legal development, prosecutors have alleged that Sam Bankman-Fried, the co-founder of FTX, directed the transfer of customer funds from FTX into Alameda Research, an affiliated hedge fund. These funds were purportedly utilized for high-risk investments, political donations, and lavish real estate ventures. The alleged actions occurred prior to the bankruptcy of both FTX and Alameda Research last year.
The recent verdict represents a major triumph for Manhattan U.S. Attorney Damian Williams and stands as one of the most prominent criminal prosecutions within the cryptocurrency industry. The outcome marks a notable downfall for Bankman-Fried, given that as recently as early 2022, FTX held a valuation of $32 billion.
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