US prosecutors opt out of second trial for crypto tycoon Sam Bankman-Fried
Al Jazeera
Prosecutors cite ‘strong public interest’ for resolving major case against disgraced crypto exchange founder.
United States prosecutors have chosen not to pursue a second trial for FTX cryptocurrency exchange founder Sam Bankman-Fried, who has already been found guilty of fraud and money laundering, and proceed instead to sentencing.
Prosecutors said in a letter filed in a New York court on Friday that pursuing a second trial for the disgraced tycoon would only serve to delay the case against him, which is already strong enough.
“Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial,” prosecutors said in the letter to Judge Lewis Kaplan, who presided over Bankman-Fried’s first criminal trial last year.
In November, a jury found Bankman-Fried guilty of seven counts of fraud, embezzlement and criminal conspiracy, among other charges.
The 31-year-old was accused of using billions of dollars from customer deposits on FTX to cover losses at his hedge fund, pay off loans and buy luxury real estate, among other large personal expenses.
