Sam Bankman-Fried will not face a second trial, U.S. prosecutors decide

investing.com:

NEW YORK (Reuters) -U.S. prosecutors said on Friday they do not plan to proceed with a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt FTX cryptocurrency exchange.

In a letter filed in federal court in Manhattan, prosecutors said the strong public interest in a prompt resolution of the case outweighed the benefits of a second trial.

They said that interest «weighs particularly heavily here,» given that Bankman-Fried's scheduled March 2024 sentencing will likely include orders of forfeiture and restitution for victims of his crimes.

It also said much of the evidence that would be offered at a second trial was already presented at the first trial.

Lawyers for Bankman-Fried did not immediately respond to requests for comment.

Jurors on Nov. 2 convicted Bankman-Fried on all seven counts he faced, after prosecutors accused him of looting $8 billion from FTX customers out of sheer greed.

The verdict came nearly one year after FTX filed for bankruptcy, in a meltdown that shook markets and erased Bankman-Fried's once-$26 billion personal fortune.