FTX founder SBF is expected to receive an official verdict on March 28th next year. Today, prosecutors from the United States Department of Justice have informed the judge that the government has abandoned plans for a second trial on five additional charges filed against SBF earlier this year.
(Background:
Defense lawyers are pessimistic, stating that SBF is the “worst witness in history” and has little chance of overturning the verdict.)
(Background information:
Breaking news! SBF found guilty on all seven charges of fraud and money laundering.)
Sam Bankman-Fried (SBF), the bankrupt founder and former CEO of FTX, was found guilty on all seven charges, including fraud and money laundering, by a jury in early November. The court is expected to officially sentence him on March 28th next year. According to the latest news from Bloomberg on the 30th, prosecutors from the United States Department of Justice have sent a letter to the presiding judge, Lewis Kaplan, stating that they will abandon plans for SBF to face a second trial on the remaining charges.
It is understood that the prosecution had added six charges against SBF this year, including bank fraud, operating an unlicensed money transfer business, engaging in illegal political donations, bribing Chinese officials, etc. This means that SBF may not face another trial next year due to these additional charges.
Originally, the trial for these six additional charges was scheduled to begin in March 2024.
Further reading:
SBF denies charges of embezzlement, bribery of Chinese officials, and 13 other crimes, claiming that the United States has no authority to prosecute him!
Prosecutors hope for a quick resolution. They pointed out that most of the evidence originally planned to be presented in the second trial has already been presented in SBF’s initial trial. The judge can consider this evidence during the sentencing on March 28th.
In addition, the prosecution also mentioned that the Bahamas agreed last year to extradite SBF to the United States to face the initial charges, but they have not yet agreed to allow the United States to conduct a trial on the additional charges. Such agreement is necessary according to extradition treaty obligations. At present, SBF’s spokesperson has refused to comment on the prosecution’s plans.
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United States