U.S. prosecutors are reportedly not pursuing a second trial in opposition to disgraced FTX founder Sam Bankman-Fried.
Based on 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 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 significantly heavy” on this matter since Bankman-Fried’s March sentencing date will embody forfeitures and restitution for victims of his legal 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 mentioned {that a} second trial wouldn’t change the period of time Bankman-Fried would spend in jail underneath the really useful pointers.
Earlier this 12 months, Bankman-Fried was charged with defrauding buyers and mishandling billions of {dollars} price of buyer funds. Prosecutors claimed he deliberately used the capital FTX prospects deposited into the crypto change 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 change, he by no means deliberately stole funds, based on the report.
Bankman-Fried was discovered responsible of seven counts of fraud on November 2nd and is at present awaiting sentencing. He faces over 100 years behind bars.
Earlier this month, Bankman-Fried’s legal professionals mentioned that whereas they gained’t file any post-trial motions, they reserve the precise to attraction the case’s end result.
“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, we’ve determined to not file any post-trial motions. We reserve our rights to pursue any claims on attraction.”
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Value Motion
Observe us on Twitter, Fb and Telegram
Surf The Day by day Hodl Combine
Featured Picture: Shutterstock/Tithi Luadthong/Satheesh Sankaran
