Sam Bankman-Fried Spared a Second Trial

In a letter (PDF) citing "strong public interest in a prompt resolution," U.S. prosecutors said they do not plan to proceed with a second trial of FTX founder Sam Bankman-Fried (SBF). The Register reports: The prosecutors reasoned that much of the evidence that would be submitted had already been considered in his October trial -- an event which yielded a guilty verdict after just four hours of jury deliberation. Although forgoing an additional trial means not holding SBF accountable for conspiracy to make unlawful campaign contributions, additional court dates would most certainly delay a scheduled March 2024 sentencing, as it would require negotiating with The Bahamas regarding terms of extradition. SBF was extradited to the US from The Bahamas, where his crypto exchange FTX was headquartered, in December 2022. While the island nation agreed to extradition on seven out of eight charges, local authorities did not consent to extradition on a charge of conspiracy to make unlawful campaign contributions. US courts were therefore unable to pursue the eighth charge. SBF's first trial yielded seven guilty verdicts. Those included two counts of conspiracy to commit wire fraud, two counts of wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. Together they carry a combined maximum sentence of 110 years. However, even though the campaign finance charge was not pursued, it could be considered relevant in sentencing matters, wrote the attorneys in their filing. The prosecutors' letter detailed that the sentencing judgment will also "likely include orders of forfeiture and restitution for the victims of the defendant's crimes."

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