Fallen cryptocurrency king Sam Bankman-Fried gained’t face a second trial on further fees after the co-founder of FTX was convicted of a large fraud final month, prosecutors instructed a decide.
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The federal government instructed US District Choose Lewis Kaplan in a letter on Friday that within the curiosity of expediency it will drop plans to strive Bankman-Fried for conspiracy to bribe international officers, commit financial institution fraud, and function an unlicensed cash transmitting enterprise, amongst different fees.
Bankman-Fried, 31, was discovered responsible of seven counts of fraud and conspiracy and faces the potential of many years in jail.
Prosecutors mentioned within the letter that the Bahamas, which extradited Bankman-Fried to face the unique US fees, has but to consent to the US going forward with making an attempt him on the extra fees. Such consent is required underneath treaty obligations however the former FTX chief government officer launched a authorized problem within the Bahamas earlier this 12 months, prompting the US to separate the case in two.
The federal government mentioned a lot of the proof that will be introduced at a second trial was already launched at Bankman-Fried’s authentic trial and might be thought of by the decide at sentencing set for March 28.
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“Continuing with sentencing in March 2024 with out the delay that will be brought on by a second trial would advance the general public’s curiosity in a well timed and simply decision of the case,” in response to the letter.
A spokesperson for Bankman-Fried declined to remark.
Prosecutors mentioned Bankman-Fried directed the switch of FTX buyer cash into Alameda Analysis, an affiliated hedge fund, for dangerous investments, political donations and costly actual property earlier than each corporations collapsed out of business final 12 months.
The decision was an enormous victory for Manhattan US Legal professional Damian Williams within the highest-profile prison prosecution within the crypto world, and marked a dizzying fall for Bankman-Fried from early 2022 when FTX was valued at $32 billion.
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