Title: US Prosecutors Do Not Plan Second Trial for FTX Founder Convicted of Stealing from Customers
Author: Reuters
Published: Dec. 29, 2023, 7:07 p.m. ET
US prosecutors announced on Friday that they do not plan to proceed with a second trial against Sam Bankman-Fried, the founder of the now-bankrupt FTX cryptocurrency exchange, who was convicted last month of stealing from customers. The decision comes after Bankman-Fried’s conviction on all seven counts he faced, where prosecutors accused him of looting $8 billion from FTX customers out of sheer greed.
In a letter filed in federal court in Manhattan, prosecutors stated that the strong public interest in a prompt resolution of the case outweighed the benefits of a second trial. They emphasized that the public interest “weighs particularly heavily here,” as Bankman-Fried’s scheduled March 2024 sentencing will likely include orders of forfeiture and restitution for the victims of his crimes.
Furthermore, prosecutors highlighted that much of the evidence that would be offered at a second trial was already presented at the first trial. This decision indicates a swift move towards sentencing and offering restitution to the victims of the fraudulent activity.
Bankman-Fried, who once held a personal fortune of $26 billion, stood with his lawyers after the verdict was read on Nov. 2 and now faces the prospect of forfeiture and restitution orders as part of his sentencing in March 2024.
The verdict in November came nearly one year after FTX filed for bankruptcy, causing a market shock and erasing Bankman-Fried’s once-flourishing personal wealth. Lawyers for Bankman-Fried have not yet commented on the decision by the prosecutors.
The resolution of the case indicates a step towards providing justice to the victims of the FTX scandal and holding accountable those responsible for the looting of billions of dollars from customers.