SBF will not face second trial after fraud conviction: lawyers

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US prosecutors on Friday did not plan to pursue a second trial against Sam Bankman-Fried, who was charged last month with 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 prompt resolution of the case outweighed the benefits of a second trial.

Interest “weighs particularly heavily here” because Bankman-Fried's scheduled sentencing in March 2024 could include forfeiture and restitution orders for victims of his crimes, they said.

Prosecutors said most of the evidence that will be presented in the second trial was already presented in the first trial. Reuters
Banker-Fried stands with her attorneys after the verdict was read Nov. 2.
Banker-Fried stands with her attorneys after the verdict was read Nov. 2. Reuters

It said most of the evidence to be presented in the second trial was already presented in the first trial.

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

Jurors on Nov. 2 convicted Banker-Fried on all seven counts he faced, with prosecutors accusing him of stealing $8 billion from FTX clients out of sheer greed.

The ruling comes nearly a year after FTX filed for bankruptcy, in a meltdown that rocked markets and wiped out Bankman-Fried's once-$26 billion personal fortune.


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