Indicted FTX founder Sam Bankman-Fried arrives on the United States Courthouse in New York City, July 26, 2023.
Amr Alfiky | Reuters
Prosecutors have determined not to pursue a second trial in opposition to disgraced FTX founder Sam Bankman-Fried.
In a notice to Judge Lewis Kaplan on Friday, the U.S. authorities defined that the choice to forego a second trial needed to do with the truth that a lot of the proof that might have been introduced within the second trial had already been submitted to the Court throughout Bankman-Fried’s first legal trial.
In November, following a monthlong trial, a jury discovered the previous FTX chief government responsible of all seven legal counts in opposition to him.
Bankman-Fried, the 31-year previous son of two Stanford authorized students and graduate of the Massachusetts Institute of Technology, was convicted of wire fraud and conspiracy to commit wire fraud in opposition to FTX prospects and in opposition to Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud in opposition to FTX traders, and conspiracy to commit cash laundering.
He had pleaded not guilty to the costs, which had been all tied to the collapse of FTX and sister hedge fund Alameda late final 12 months.
The FTX founder faces greater than 100 years in jail. His sentencing listening to is ready for March 28.
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