U.S. legal authorities have indicated that Sam Bankman-Fried, former CEO of the collapsed cryptocurrency exchange FTX, is not expected to undergo a second trial. This news was reported by Reuters on December 29, with many involved parties wishing for a swift resolution to the case.
Prosecutors, citing the high public interest, emphasized the urgency of the matter in court documents. They highlighted the keen anticipation of victims seeking information on potential compensation following the November 2022 collapse of their FTX accounts. Additionally, prosecutors mentioned that a second trial would likely not reveal much new evidence, as most of it had been already presented during the initial trial.
On November 3, a jury convicted Bankman-Fried on all seven counts of fraud following just four hours of deliberation. The charges against him included two counts of wire fraud, two counts of conspiracy to commit wire fraud, one count each of securities fraud, commodities fraud conspiracy, and conspiracy to commit money laundering.
Moreover, Bankman-Fried's request for a four to six-week postponement of his sentencing hearing was rejected. Judge Lewis Kaplan upheld the original sentencing schedule, noting that the defense had not objected when the date was initially set. Bankman-Fried has been issued a notice regarding the deferment of his sentencing submission. His sentencing is now slated for March 28, 2024.
