Sam Bankman-Fried will not Face Second Trial After Multibillion-Dollar Crypto Fraud Conviction

Sam Bankman-Fried will not face second trial after multibillion-dollar crypto fraud conviction

Sam Bankman-Fried, the founder of a now defunct cryptocurrency exchange, will not face another trial, US prosecutors say.

Bankman-Fried ran one of the world’s biggest cryptocurrency exchanges before it collapsed in January. He is now facing decades in jail.

Former billionaire found guilty of fraud and money laundering

After a lengthy trial, a former billionaire has been found guilty of fraud and money laundering. Prosecutors argued that the public interest in resolving the case outweighed any benefits of a second trial,

And the man was found guilty of six charges, including campaign finance violations, conspiracy to commit bribery, and conspiracy to operate an unlicensed money transmitting business.

Sentencing for the notorious cybercriminal, known as “The Jester,” has been set for 28 March.

In a letter filed in federal court in Manhattan, prosecutors said that his sentencing will likely include orders of forfeiture and restitution for the victims of his crimes.

Bankman-Fried was arrested in December and has now been convicted on fraud charges.
The former billionaire known as the “King of Crypto” had a stunning fall from grace when he was convicted on fraud charges in New York on 2 November.

Bankman-Fried’s firm, FTX, went bankrupt last year, and when it did, $8bn in customer funds was missing. He was arrested in December and has now been convicted.

However, the money was never used to buy or sell crypto assets as promised. Instead, Bankman-Fried transferred it to his own accounts and used it to pay for a lavish lifestyle.

The jury found him guilty of lying to investors and lenders and stealing billions of dollars from FTX, helping to precipitate its collapse.

He was charged with seven counts of fraud and money laundering.

Bankman-Fried’s defense attorney argued that he was not guilty of any crime, claiming that he was a victim of the FTX collapse just like everyone else. The jury didn’t buy it, and found him guilty on all counts.

Bankman-Fried, who had been free on bail, was taken into custody after the verdict.
safeguarding those funds, as he repeatedly pledged to do in public, Bankman-Fried instead used the money to repay Alameda lenders, buy property and make investments and political donations.

He had pleaded not guilty to all the charges, maintaining that he had acted in good faith.

Five of the charges Bankman-Fried was found guilty of carry a maximum prison term of 20 years, with a five-year maximum on the other two charges.

Bankman-Fried, who had been free on bail, was taken into custody after the verdict.

Bankman-Fried’s life is in shambles as he awaits his sentence, which is expected to last for decades. Three of his former close friends and colleagues, including his ex-girlfriend Caroline Ellison, pleaded guilty and agreed to testify against him in hopes of reducing their own sentences.

They are to be sentenced at a later date.

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