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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 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 towards 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 embrace forfeitures and restitution for victims of his felony actions.
The report notes that Bankman-Fried had a number of expenses 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 underneath the really helpful 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 clients 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 attorneys stated that whereas they gained’t file any post-trial motions, they reserve the suitable to enchantment the case’s final result.
“On behalf of our shopper, 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.”
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