Prosecutors cite ‘robust public curiosity’ for resolving main case in opposition to disgraced crypto change founder.
United States prosecutors have chosen to not pursue a second trial for FTX cryptocurrency change founder Sam Bankman-Fried, who has already been discovered responsible of fraud and cash laundering, and proceed as a substitute to sentencing.
Prosecutors mentioned in a letter filed in a New York court docket on Friday that pursuing a second trial for the disgraced tycoon would solely serve to delay the case in opposition to him, which is already robust sufficient.
“On condition that sensible actuality, and the robust public curiosity in a immediate decision of this matter, the Authorities intends to proceed to sentencing on the counts for which the defendant was convicted at trial,” prosecutors mentioned within the letter to Decide Lewis Kaplan, who presided over Bankman-Fried’s first felony trial final yr.
In November, a jury discovered Bankman-Fried responsible of seven counts of fraud, embezzlement and felony conspiracy, amongst different expenses.
The 31-year-old was accused of utilizing billions of {dollars} from buyer deposits on FTX to cowl losses at his hedge fund, repay loans and purchase luxurious actual property, amongst different massive private bills.
On the trial, he had admitted to creating “errors” that ended up hurting individuals, however pleaded not responsible to the fees as he claimed he by no means meant to steal.
Billions of {dollars} had been misplaced after Bankman-Fried’s crimes got here to mild in 2022, one thing that additionally contributed to deepening a crypto market downturn that had began earlier that yr.
Federal prosecutors have beforehand described the case as “one of many largest monetary frauds in American historical past”.
Bankman-Fried is slated to be sentenced on March 28, when he may resist 110 years in jail.
Prosecutors argued that a lot of the proof that could possibly be supplied at a second trial was already offered on the first trial, and {that a} second trial wouldn’t have an effect on how a lot time he may face in jail.
In addition they mentioned victims wouldn’t profit from forfeiture or restitution orders if sentencing is delayed.
Bankman-Fried is anticipated to file an enchantment in opposition to his conviction.
He was beforehand extradited from the Bahamas, the place his corporations had been based mostly.
The US and the Bahamas have since been clashing over which nation’s prosecutors have the authorized jurisdiction and proper to prosecute him. US prosecutors on Friday wrote that the US authorities “doesn’t have a timeline for when the Bahamas could reply to its request”.
Bankman-Fried, a graduate of the Massachusetts Institute of Expertise (MIT), has been in jail since August, and had his bail revoked after a choose concluded that he had possible tampered with potential trial witnesses.