US prosecutors are reportedly not pursuing a second trial against disgraced FTX founder Sam Bankman-Fried.
According to a new report from Reuters, prosecutors said in a recent letter to a federal court in Manhattan that the benefits of a second trial outweigh the strong public interest in a speedy resolution in the case against Bankman-Fried.
In the letter, prosecutors noted that public interest in this case “weighs especially heavily” as Bankman-Fried’s sentencing date in March will include forfeitures and restitution for the victims of his criminal actions.
The report notes that several of Bankman-Fried’s charges were omitted from his trial, including campaign finance violations, conspiracy to commit bribery and conspiracy to operate an unlicensed money transmission business.
Prosecutors said a second trial would not change the amount of time Bankman-Fried would spend in prison under the recommended guidelines.
Earlier this year, Bankman-Fried was accused of defrauding investors and mishandling billions of dollars in customer funds. Prosecutors alleged that he deliberately used the capital FTX customers deposited in the crypto exchange to make risky crypto bets with the help of Alameda Research, FTX’s sister company.
In court, Bankman-Fried argued that while he had made mistakes in operating the crypto exchange, he had never intentionally stolen money, according to the report.
Bankman-Fried was found guilty of seven counts of fraud on November 2 and is currently awaiting sentencing. He faces more than 100 years behind bars.
Earlier this month, Bankman-Fried’s attorneys said that while they will not file post-trial motions, they reserve the right to appeal the outcome of the case.
“On behalf of our client, Samuel Bankman-Fried, we respectfully submit this letter to keep the Court informed of the status of the post-trial motions. After further consideration, we have decided not to submit any follow-up requests. We reserve the right to pursue any claims on appeal.”
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