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The Department of Justice has declared that Sam Bankman-Fried will not be tried for fraud again.
The ex-CEO of FTX, a cryptocurrency trading company, was convicted of seven charges in November for involvement in illegal campaign contributions. US Attorney Damian Williams announced on Friday that the Department of Justice will not pursue a second trial.
Mr. Williams wrote that the Government has determined that resolving this matter quickly is more important than having a separate trial.
The individual, aged 31, is scheduled to receive their sentence on March 28th for multiple charges including wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering. According to The Daily Beast, they could potentially face a prison term of over 100 years.
Bankman-Fried was alleged to have conspired to make illegal campaign contributions, but these accusations were not part of the trial that took place earlier this year.
The prosecutors decided against pursuing a second trial due to the majority of the evidence already being presented.
The government contends that it has already demonstrated Bankman-Fried’s illegal campaign donations, which the judge may consider in determining the sentence.
During the trial, the Government presented proof of the defendant’s plan to contribute to political campaigns illegally. This evidence was used to support all seven charges and was admissible under Federal Rule of Evidence 404(b). The defendant was found guilty on all counts. Additionally, the Government demonstrated that the defendant was involved in a scheme to make unlawful campaign contributions, which can be taken into account during sentencing by the Court. In a filing submitted on Friday, Mr. Williams stated these details.
The Department of Justice stated in the filing that due to the practical reality and the public interest in a timely resolution, they plan to move forward with sentencing for the counts that the defendant was found guilty of at trial.
In his trial, Bankman-Fried acknowledged making “significant oversights” while running FTX, but maintained that he was not a criminal.
Source: independent.co.uk
