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Home»TRADING NEWS»US prosecutors reduce chances of second trial for former FTX CEO SBF: No new evidence
TRADING NEWS

US prosecutors reduce chances of second trial for former FTX CEO SBF: No new evidence

By Crypto FlexsDecember 31, 20232 Mins Read
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US prosecutors reduce chances of second trial for former FTX CEO SBF: No new evidence
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  • U.S. prosecutors believe there will not be a second trial for former FTX CEO Sam Bankman-Fried.
  • There is a lack of new evidence cited. The initial trial covered key aspects of the case.
  • The conviction stands. The sentencing date was set for March 28, 2024, as scheduled.

US prosecutors have signaled there may not be a second trial for Sam Bankman Fried (SBF), the former CEO of defunct cryptocurrency exchange FTX.

This development comes as stakeholders seek a speedy resolution, emphasizing the public interest and expectations for compensation details for victims of FTX accounts. With Bankman-Fried’s first trial finding him guilty on seven counts of fraud, the focus now turns to sentencing, scheduled for March 28, 2024.

There will be no second trial for Sam Bankman-Fried.

According to recent reports, it is highly unlikely that U.S. prosecutors will pursue a second trial for FTX’s former CEO Sam Bankman-Fried. The prosecution emphasizes that there is a lack of new evidence needed for a retrial, considering that most of the relevant information was presented in the first trial.

These claims are consistent with calls for a speedy resolution, especially as victims await compensation details following the FTX collapse in November 2022.

The decision not to proceed with a second trial follows Bankman-Fried’s Nov. 3 conviction on charges including wire fraud, securities fraud and money laundering conspiracy. Despite the ruling, Bankman-Fried’s request to postpone the sentencing hearing was denied by Judge Lewis Kaplan.

The judge said there had been no prior objections to the sentencing date initially set and highlighted Bankman-Fried’s prior extension to submit sentencing materials. Accordingly, Bankman-Fried’s sentencing is scheduled for March 28, 2024.

These developments highlight judicial determination to adhere to established timelines and procedures. As the March 2024 sentencing date approaches, the legal repercussions for the former FTX CEO are becoming increasingly imminent. The case has attracted considerable attention, not only because of the high-profile nature of the individuals involved, but also because of its broader implications for victims seeking compensation in the wake of the downfall of cryptocurrency exchanges.


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