February 22, 2024

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SBF will not face a second trial after being found guilty of fraud: prosecutors

SBF will not face a second trial after being found guilty of fraud: prosecutors

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US prosecutors said on Friday that they do not plan to move forward with a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of the now-bankrupt FTX cryptocurrency exchange.

In a letter filed in federal court in Manhattan, prosecutors said the strong public interest in a speedy resolution of the case outweighed the benefits of a second trial.

They said the interest “carries particularly great weight here,” given that Bankman-Fried's scheduled sentencing in March 2024 is likely to include orders for forfeiture and restitution to the victims of his crimes.

Prosecutors said much of the evidence to be presented in the second trial had already been presented in the first trial. Reuters
Bankman-Fried poses with his attorney after the verdict was read on November 2.
Bankman-Fried poses with his attorney after the verdict was read on November 2. Reuters

She also said that much of the evidence to be presented in the second trial had already been presented in the first trial.

Lawyers for Bankman-Fried did not immediately respond to requests for comment.

Jurors on November 2 convicted Bankman-Fried on all seven charges he faced, after prosecutors accused him of fleecing $8 billion from FTX customers out of sheer greed.

The ruling came nearly a year after FTX filed for bankruptcy, a collapse that shook markets and wiped out Bankman Fried's personal fortune of $26 billion.


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