Federal prosecutors announced they will not pursue a second trial against convicted FTX founder Sam Bankman-Fried. He was found guilty in November 2022 on 7 counts of conspiracy and fraud for looting customer funds from the failed crypto exchange.
In a new court filing, prosecutors cited “strong public interest” in moving swiftly to resolution given Bankman-Fried faces sentencing on March 28, 2024 with likely forfeiture and restitution orders. They said a second case would not significantly impact recommended prison time.
Bankman-Fried was extradited from the Bahamas to face the first set of charges last December. He still faced 6 other charges including campaign finance violations that the Bahamas hadn’t yet granted trial approval for.
The disgraced former crypto billionaire orchestrated one of the fastest collapses of a major US financial institution when FTX imploded almost a year ago. He remains in custody pending appeals of the likely decades-long sentence against him.
