UNEXPECTED

Disgraced FTX Founder Sam Bankman-Fried to Be Spared a Second Trial

Prosecutors have decided not to proceed.

The U.S. Department of Justice will not pursue further campaign fraud charges against Sam Bankman-Fried, sparing him from another trial after a jury found him guilty of seven criminal counts last month, United States Attorney Damian Williams said in a court filing on Friday.

The former head of crypto trading firm FTX and former billionaire faces sentencing on multiple counts of wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering—crimes that could see him face over 100 years of prison time.

The government also accused him of “conspiracy to make unlawful campaign contributions,” but such charges were kept separate from this year’s trial.

Prosecutors said their decision not to proceed with a second trial stemmed from the fact that much of the evidence that would have been used was already presented.

Williams reasoned that “because the Government also proved that the defendant engaged in a scheme to make unlawful campaign contributions, the Court may consider this scheme as relevant conduct at the defendant’s sentencing.”

“Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial,” the DOJ said.

Bankman-Fried was widely expected to face a second trial over the alleged illicit campaign contributions. At his trial, he told the jury he made “significant oversights” while running FTX, but maintained he was not a criminal.

Bankman-Fried is set to be sentenced on March 28.

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Mark AlfredBreaking News Intern

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