U.S. prosecutors are reportedly not pursuing a second trial in opposition to disgraced FTX founder Sam Bankman-Fried.
In keeping with 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 are outweighed by the general public’s robust 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 notably heavy” on this matter since Bankman-Fried’s March sentencing date will embrace 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 beneficial 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 alternate 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 alternate, he by no means deliberately stole funds, based on the report.
Bankman-Fried was found guilty 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 said that whereas they received’t file any post-trial motions, they reserve the precise to attraction 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, now we have 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
Examine Price Action
Comply with us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses it’s possible you’ll incur are your duty. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please word that The Each day Hodl participates in affiliate marketing online.
Featured Picture: Shutterstock/Tithi Luadthong/Satheesh Sankaran
