U.S. prosecutors are reportedly not pursuing a second trial towards disgraced FTX founder Sam Bankman-Fried.
In response to a brand new report by Reuters, in a just lately penned letter to a federal courtroom in Manhattan, the prosecutors say that the advantages of a second trial outweigh the general public’s robust curiosity in a immediate decision within the case towards 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 felony actions.
The report notes that Bankman-Fried had a number of prices 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 beneficial pointers.
Earlier this yr, Bankman-Fried was charged with defrauding buyers and mishandling billions of {dollars} value of buyer funds. Prosecutors claimed he deliberately used the capital FTX prospects deposited into the crypto alternate to make dangerous crypto wagers utilizing Alameda Analysis, FTX’s sister firm.
In courtroom, Bankman-Fried argued that whereas he made errors in working the crypto alternate, 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 final result.
“On behalf of our consumer, Samuel Bankman-Fried, we respectfully submit this letter to replace the Court docket on the standing of post-trial motions. After additional consideration, we’ve determined to not file any post-trial motions. We reserve our rights to pursue any claims on enchantment.”
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Worth Motion
Comply with us on Twitter, Fb and Telegram
Surf The Each day Hodl Combine
Featured Picture: Shutterstock/Tithi Luadthong/Satheesh Sankaran