Bankman-Fried Second Trial Will Not Take Place After 100 Years In Prison Is Finalized

Key Points:

• FTX’s Sam Bankman-Fried second trial will be skipped as statements opt for direct judgment, facing a potential 100+ years in prison.
• The government drops plans for extra charges, emphasizing the need for a swift resolution after FTX’s bankruptcy erased Bankman-Fried’s $26 billion fortune.

According to Bloomberg, Sam Bankman-Fried second trial will not take place following his recent conviction on seven counts, including wire fraud, securities fraud, and money laundering. Federal judges have decided to proceed directly to a judge on the charges for which he was found guilty in November, with a maximum prison sentence of over 100 years looming.

Read more: Bankman-Fried Prosecutors Found Him Seriously Guilty

The government, citing the need for a timely resolution, informed US District Judge Lewis Kaplan that they were dropping plans for a second trial, which was to include charges such as conspiracy to bribe foreign officials, bank fraud, and operating an unlicensed money-transmitting business.

Bankman-Fried‘s conviction came almost a year after FTX filed for bankruptcy, resulting in the rapid collapse of his once $26 billion personal fortune—a significant event in the U.S. financial markets. Despite facing potential decades in prison, a legal challenge launched by Bankman-Fried in the Bahamas prompted a split in the case, delaying a decision on additional charges.

The government argues that much of the evidence intended for the Bankman-Fried second trial was already presented in the initial proceedings, and proceeding directly to judgment in March 2024 aligns with the public’s interest in a timely and just resolution. The Bahamas, having extradited Bankman-Fried for the original charges, is yet to provide consent for additional charges, a necessary step under treaty obligations.

U.S. District Judge Kaplan, who oversaw the original trial, will consider all relevant evidence during judgment, as claims contend that the Bankman-Fried second trial will not impact the potential prison time faced by the fallen cryptocurrency king.