Sam Bankman Fried will not face second trial?
Hey folks.
According to United States Prosecutors they don't have plan of conducting second trail against Sam Bankman Fried, who was convicted last month of stealing from customers of crypto exchange FTX, which is now bankrupt.
Prosecutors claimed that the advantages of a second trial were outweighed by the "strong public interest" in a speedy settlement of their case against the 31-year-old former billionaire, in a document sent on Friday night to federal court in Manhattan.
Sqm Bankman Fried was convicted by Jurors on November 2 on all seven fraud and conspiracy counts he faced. Sam Bankman Fried was accused of looting $8 billion from FTX customers out of sheer greed.
Bankman Fried lawyers declined to comment.
Six additional charges against Sam Bankman Fried had been dropped from his initial trial which includes campaign finance violations, conspiracy to operate an unlicensed money transmitting business etc.
In December 2022 Sam Bankman Fried had been extradited from Bahamas where the crypto exchange FTX was located to face the seven earlier charges.
However, prosecutors stated that the Bahamas had not yet given its approval for a trial on the other accusations, therefore the timeline was unclear.
The judgment for Sam Bankman Fried came approximately one year after the crypto exchange FTX filed for bankruptcy that has erased his once $26 billion personal fortune.
Bankman Fried is expected to appeal against his conviction.
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