United States prosecutors have opted not to pursue a second trial against Sam Bankman-Fried (SBF), the former CEO of the now-bankrupt digital asset exchange FTX. Reuters reported on the latest news revolving Sam Bankman-Fried trial, stating that many stakeholders are hoping for a fast resolution of the case.
On December 29, the Department of Justice officially communicated its decision to Judge Lewis Kaplan, signaling the end of the possibility of a second trial for Sam Bankman-Fried.
Citing a court filing, prosecutors emphasized the significant weight of public interest in the matter. Victims, still reeling from the collapse of FTX in November 2022, are anxiously anticipating details about compensation for their accounts.
Continuing Sam Bankman-Fried Trial: Lack of Substantial New Evidence
Notably, the decision not to proceed with a second trial is attributed to the “absence of substantial new evidence,” with most of the information already disclosed during the initial trial. The court document reads:
“A second trial would not affect the United States Sentencing Guidelines range for the defendant, because the Court can already consider all of this conduct as relevant conduct when sentencing him for the counts that he was found guilty of at the initial trial.”
It is interesting to note that prosecutors also referred to additional evidence presented during the October trial. This includes evidence of bribing Chinese officials and making false statements to a U.S. bank as part of a fraudulent scheme. This evidence will be considered during Bankman-Fried’s sentencing in March 2024.
Community Reacts
The development stirred reactions across platforms, with people raising concerns about the lack of examination of campaign finance and China bribery counts. As Matthew Russell Lee of the Inner City Press shared the news on X, it prompted questions about those who may have benefited from these financial transactions. Russell Lee stated:
“So no evidence and cross-examination about the campaign finance and China bribe counts; no getting to the bottom of who took the money.”
The digital asset community hoped to uncover more culprits in the second trial, but the recent news has made them feel upset. Bennett Tomlin, co-host of the “Crypto Critics’ Corner” podcast, stated:
“For me, the second trial was less about how much worse things could get for SBF and more about potentially finding more enablers who deserved to be revealed.”
SBF’s Upcoming Sentencing
Sam Bankman-Fried was found guilty on November 3 of all seven fraud charges, including two counts of wire fraud, two counts of wire fraud conspiracy, one count of money laundering conspiracy, one count of securities fraud, and one count of commodities fraud conspiracy.
Facing the possibility of up to 110 years in prison if the harshest sentences are imposed consecutively, his sentencing is scheduled for March 28, 2024.
In the midst of these developments, Bankman-Fried’s request for a four to six-week adjournment on his sentencing hearing was denied by Judge Kaplan. He underscored the defense’s lack of objection when the sentencing date was initially set. Notably, Bankman-Fried had already been granted one extension for filing sentencing submissions.
This decision marks a critical juncture in the legal proceedings surrounding SBF and the aftermath of the FTX collapse, leaving stakeholders and the community awaiting the final chapter in this high-profile case.
