U.S. prosecutors are reportedly not pursuing a second trial in opposition to disgraced FTX founder Sam Bankman-Fried.
In accordance with a brand new report by Reuters, in a lately penned letter to a federal court docket in Manhattan, the prosecutors say that the advantages of a second trial outweigh the general public’s sturdy curiosity in a immediate decision within the case in opposition to Bankman-Fried.
Within the letter, the prosecutors famous that the general public’s curiosity “weighs notably heavy” on this matter since Bankman-Fried’s March sentencing date will embrace forfeitures and restitution for victims of his legal actions.
The report notes that Bankman-Fried had a number of fees omitted from his trial, together with marketing campaign finance violations, conspiracy to commit bribery and conspiracy to function an unlicensed money-transmitting enterprise.
The prosecutors stated {that a} second trial wouldn’t change the period of time Bankman-Fried would spend in jail below the really useful tips.
Earlier this 12 months, Bankman-Fried was charged with defrauding buyers and mishandling billions of {dollars} value of buyer funds. Prosecutors claimed he deliberately used the capital FTX clients deposited into the crypto change to make dangerous crypto wagers utilizing Alameda Analysis, FTX’s sister firm.
In court docket, Bankman-Fried argued that whereas he made errors in working the crypto change, he by no means deliberately stole funds, in accordance with the report.
Bankman-Fried was discovered responsible of seven counts of fraud on November 2nd and is presently awaiting sentencing. He faces over 100 years behind bars.
Earlier this month, Bankman-Fried’s legal professionals stated that whereas they gained’t file any post-trial motions, they reserve the correct to enchantment the case’s consequence.
“On behalf of our shopper, Samuel Bankman-Fried, we respectfully submit this letter to replace the Courtroom on the standing of post-trial motions. After additional consideration, now we have determined to not file any post-trial motions. We reserve our rights to pursue any claims on enchantment.”
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