FTX scam: Sam Bankman-Fried will not face trial a second time
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In the fraud trial against the founder of the insolvent crypto exchange FTX, Sam Bankman Fried, US prosecutors are not planning a second trial. The “strong public interest” in a quick resolution of their case against the 31-year-old former billionaire outweighs the benefits of a second trial, prosecutors wrote in a letter filed in federal court in Manhattan.
Jurors convicted Bankman-Fried in November on all seven counts of fraud and conspiracy. The public prosecutor’s office had accused him of defrauding FTX customers of eight billion dollars out of pure greed. The sentence is due to be announced in March. Bankman-Fried faces decades in prison and could also be ordered to pay compensation.
Six additional charges were filed against Bankman-Fried that were separated from the first trial, including alleged bank fraud, conspiracy to make illegal party donations and solicitation of bribery.
This article will continue to be updated
In the fraud trial against the founder of the insolvent crypto exchange FTX, Sam Bankman Fried, US prosecutors are not planning a second trial. The “strong public interest” in a quick resolution of their case against the 31-year-old former billionaire outweighs the benefits of a second trial, prosecutors wrote in a letter filed in federal court in Manhattan.
Jurors convicted Bankman-Fried in November on all seven counts of fraud and conspiracy. The public prosecutor’s office had accused him of defrauding FTX customers of eight billion dollars out of pure greed. The sentence is due to be announced in March. Bankman-Fried faces decades in prison and could also be ordered to pay compensation.
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