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US prosecutors declare SBF will not see a second trial: Report

Press Releases Crypto News Cointelegraph US prosecutors declare SBF will not see a second trial: Report

United States prosecutors have reportedly asserted it is unlikely that former CEO of the now-defunct cryptocurrency exchange FTX, Sam Bankman-Fried, will see a second trial.

According to a Reuters report published on December 29, many stakeholders are hoping to see the trial be resolved as quickly as possible.

Referring to a court filing, prosecutors stated that the public interest “weighs particularly heavy here,” as victims are eagerly awaiting details about compensation for their FTX accounts following its collapse in November 2022.

For me the second trial was less about how much worse things could get for SBF and more about potentially finding more enablers who deserved to be revealed

— @bft.wtf on bluesky (@BennettTomlin) December 30, 2023

Furthermore, it stated that there wouldn’t be enough new evidence to present, as most of the evidence has already been revealed during the first trial.

On Nov. 3, Bankman-Fried was found guilty of all seven fraud charges by a jury in his criminal trial after four hours of deliberations.

Bankman-Fried was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy.

Meanwhile, Bankman-Fried’s request for a four to six-week adjournment on his sentencing hearing was declined.

Judge Lewis Kaplan did not allow any changes to the schedule. He pointed out that the defense did not object to the sentencing date when it was set. It was also outlined that Bankman-Fried has already received one extension for filing sentencing submissions.

Bankman-Fried’s sentencing date is scheduled for March 28, 2024.

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Author: Ciaran Lyons

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