Sam Bankman-Fried will not face a second trial

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Sam Bankman-Fried was found guilty last month of stealing from customers of his now-defunct FTX cryptocurrency exchange. U.S. officials said they have no plans to put him on trial again.

In a letter sent to Manhattan federal court on Friday night, prosecutors said that the “strong public interest” in quickly ending their case against the 31-year-old former billionaire was greater than the benefits of a second trial.

Interest “weighs particularly heavily here,” according to the prosecutors. This is because Bankman-Fried’s sentencing is set for March 28, 2024, and it is likely that the judge will order forfeiture and restitution for victims of his crimes.

On November 2, a jury found Bankman-Fried guilty of all seven fraud and plot charges against him. The prosecutors said he stole $8 billion from FTX customers because he was greedy.

Bankman-Fried’s lawyers refused to say anything.

Bankman-Fried had been charged with six more crimes that were not part of his original trial. These crimes included campaign finance violations, conspiracy to commit bribery, and conspiracy to run an illegal money transmitting company.

He was sent back to the United States from the Bahamas, where FTX was based, in December 2022 to face the seven earlier charges.

But the Bahamas hasn’t agreed to a trial on the other charges yet, so officials say they don’t know when it will happen.

Bankman-Fried’s decision came almost a year after FTX filed for bankruptcy, wiping out his once-huge personal fortune of $26 billion in one of the fastest falls of a big player in the U.S. financial markets.

Federal Judge Lewis Kaplan in Manhattan will decide Bankman-Fried’s sentence. He could spend decades in jail if he gets it.

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