Sam Bankman-Fried, a former billionaire and founder of the cryptocurrency exchange FTX, will not be facing a second trial, as decided by U.S. prosecutors. Bankman-Fried was convicted last month for defrauding FTX customers.
What Happened: The prosecutors submitted a letter to a Manhattan federal court on Friday, Reuters reported. They stressed that the case’s quick resolution was in the “strong public interest,” outweighing the need for a second trial.
The 31-year-old was declared guilty on all seven counts of fraud and conspiracy he was charged with on Nov. 2. He was accused of misappropriating $8 billion from FTX customers.
Bankman-Fried‘s legal team has not commented on this development. The former billionaire was extradited from the Bahamas, where FTX was located, to face the initial seven charges in December 2022.
Although there are six more charges against him, the Bahamas has not agreed to a trial for these. The prosecutors stated that much of the potential evidence for a second trial was presented during the first.
Why It Matters: Bankman-Fried’s conviction followed almost a year after FTX’s bankruptcy, which obliterated his once $26 billion personal fortune. He is set to be sentenced on March 28, 2024, and could potentially spend decades in prison.
Bankman-Fried was found guilty on charges including wire fraud, conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering. His conviction could result in a maximum prison sentence of 115 years. Bankman-Fried’s ex-girlfriend Caroline Ellison and FTX co-founder Gary Wang both pleaded guilty to multiple charges and testified as prosecution witnesses.
FTX Photo by Sergei Elagin on Shutterstock