FTX Founder Sam Bankman-Fried Will Not Face Second Criminal Trial, Federal Prosecutors Say
Sam Bankman-Fried, the founder of FTX, will not face a second criminal trial as federal prosecutors have decided to proceed to sentencing on the counts for which he was convicted in his first trial. The government's lawyers argued that a second trial would delay a timely and just resolution of the case and that the original case had already provided ample evidence of Bankman-Fried's financial crimes. Bankman-Fried was found guilty of seven counts of wire fraud, securities fraud and money laundering in November and will be sentenced in March 2024, facing a maximum prison sentence of over 100 years.
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