Fallen cryptocurrency king Sam Bankman-Fried gained’t face a second trial on further costs after the co-founder of FTX was convicted of an enormous fraud final month, prosecutors informed a decide.
The federal government informed US District Decide Lewis Kaplan in a letter Friday that within the curiosity of expediency it might drop plans to attempt Bankman-Fried for conspiracy to bribe overseas officers, commit financial institution fraud and function an unlicensed cash transmitting enterprise, amongst different costs.
Bankman-Fried, 31, was discovered responsible of seven counts of fraud and conspiracy and faces the potential of a long time in jail.
Prosecutors stated a lot of the proof that may be offered at a second trial was already launched at Bankman-Fried’s authentic trial and may be thought-about by the decide at sentencing set for March 28.
“Continuing with sentencing in March 2024 with out the delay that may be brought on by a second trial would advance the general public’s curiosity in a well timed and simply decision of the case,” in response to the letter.
A spokesperson for Bankman-Fried declined to remark.
Prosecutors stated Bankman-Fried directed the switch of FTX buyer cash into Alameda Analysis, an affiliated hedge fund, for dangerous investments, political donations and costly actual property earlier than each corporations collapsed out of business final 12 months.
The decision was an enormous victory for Manhattan US Lawyer Damian Williams within the highest-profile felony prosecution within the crypto world, and marked a dizzying fall for Bankman-Fried from early 2022 when FTX was valued at $32 billion.