Fallen cryptocurrency king Sam Bankman-Fried gained’t face a second trial on further expenses after the co-founder of FTX was convicted of an enormous fraud final month, prosecutors instructed a choose.
The federal government instructed US District Choose Lewis Kaplan in a letter Friday that within the curiosity of expediency it might drop plans to attempt Bankman-Fried for conspiracy to bribe international officers, commit financial institution fraud and function an unlicensed cash transmitting enterprise, amongst different expenses.
Bankman-Fried, 31, was discovered responsible of seven counts of fraud and conspiracy and faces the opportunity of many years in jail.
Prosecutors mentioned a lot of the proof that might be introduced at a second trial was already launched at Bankman-Fried’s unique trial and may be thought-about by the choose at sentencing set for March 28.
“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,” in line with the letter.
A spokesperson for Bankman-Fried declined to remark.
Prosecutors mentioned 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 firms collapsed into chapter 11 final yr.
The decision was a giant victory for Manhattan US Legal professional Damian Williams within the highest-profile prison prosecution within the crypto world, and marked a dizzying fall for Bankman-Fried from early 2022 when FTX was valued at $32 billion.
