Prosecutors cite ‘sturdy public curiosity’ for resolving main case towards disgraced crypto trade founder.
United States prosecutors have chosen to not pursue a second trial for FTX cryptocurrency trade 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 towards him, which is already sturdy sufficient.
“Provided that sensible actuality, and the sturdy 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 prison trial final yr.
In November, a jury found Bankman-Fried guilty of seven counts of fraud, embezzlement and prison 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 guilty to the charges as he claimed he by no means meant to steal.
Billions of {dollars} have been misplaced after Bankman-Fried’s crimes got here to gentle 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 greatest monetary frauds in American historical past”.
Bankman-Fried is slated to be sentenced on March 28, when he might resist 110 years in jail.
Prosecutors argued that a lot of the proof that could possibly be provided at a second trial was already introduced on the first trial, and {that a} second trial wouldn’t have an effect on how a lot time he might face in jail.
Additionally they mentioned victims wouldn’t profit from forfeiture or restitution orders if sentencing is delayed.
Bankman-Fried is predicted to file an attraction towards his conviction.
He was beforehand extradited from the Bahamas, the place his firms have been primarily based.
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 might reply to its request”.
Bankman-Fried, a graduate of the Massachusetts Institute of Know-how (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.