US prosecutors won’t pursue second trial against Bankman-Fried

Former FTX CEO Sam Bankman-Fried may only need to wait for his sentencing scheduled for March 28, 2024, since U.S. prosecutors stated that they do not plan to proceed with a second trial against the disgraced entrepreneur.

Additional criminal counts against Bankman-Fried accuse the former crypto mogul of illegal campaign financing, bank fraud, and securities and commodities violations. 

According to Bloomberg, the U.S. government — in a letter to Judge Lewis Kaplan — notified the court that most of the evidence that would have been presented in the second trial slated for March 2024, was already addressed in Bankman-Fried’s first trial. 

In addition to “the strong public interest in a prompt resolution of this matter,” prosecutors wish to proceed to Bankman-Fried’s sentencing, based on the counts from his first conviction. 

“Proceeding with sentencing in March 2024 without the delay that would be caused by a second trial would advance the public’s interest in a timely and just resolution of the case, ‘as delay in sentencing may leave the defendant, as well as the victim, in limbo concerning the consequences of conviction.’”

Excerpt from the letter to Judge Lewis Kaplan

A 12-member jury in November found Bankman-Fried guilty of a seven-count charge involving fraud, conspiracy, and money laundering. 

Bankman-Fried’s sentencing is scheduled to be held on March 28, 2024, with the charges carrying a combined maximum prison sentence of over 100 years. 

In December, Judge Kaplan denied Bankman-Fried’s request submitted on Dec. 20, for a four-to-six-week extension of his sentencing hearing. The request came a day before the former FTX’s CEO was scheduled for a pre-sentence interview on Dec. 21. 

According to the judge, Bankman-Fried’s lawyers failed to object to the sentencing dates when it was set after the first trial.