FTX Ex-CEO’s Retrial Unlikely as Prosecutors Push for Swift Resolution

Prosecutors in the United States have reportedly stated that a retrial for Sam Bankman-Fried, the former CEO of the defunct cryptocurrency exchange FTX, is improbable.

Numerous parties involved, according to a Reuters report published on December 29, desire an expeditious resolution to the trial.

Prosecutors stated, concerning a court filing, that the public interest “carries especially heavyweight in this case” because victims anxiously await information regarding compensation for their FTX accounts after the company’s collapse in November 2022.

Furthermore, it was stated that most of the evidence had been disclosed during the initial trial, so there would be insufficient new evidence to present.

Following four hours of deliberations, Bankman-Fried was found guilty of all seven fraud offenses by a jury in his criminal trial on November 3.

Two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy, and one count of money laundering conspiracy were all of which Bankman-Fried was found guilty.

Conversely, the request put forth by Bankman-Fried for an extension of four to six weeks to complete his sentencing hearing was denied.

Judge Lewis Kaplan forbade any modifications to the timetable. He noted that the defense did not raise any objections to the established sentencing date.

Additionally, it was disclosed that Bankman-Fried has been granted one extension to submit sentencing submissions.

The scheduled date for Bankman-Fried’s sentencing is March 28, 2024.