Well look at that! Disgraced FTX founder Sam Bankman Fried, who was found guilty in November on seven counts of fraud and conspiracy, won’t face a second trial at all after feds told US District Judge Lewis Kaplan in a Friday letter that in the ‘interest of expediency’ it would drop six charges related to SBF’s second trial – including conspiracy to bribe foreign officials, commit bank fraud and operate an unlicensed money transmitting business.
The reason? The Bahamas ‘has yet to consent’ to the fallen crypto king moving forward with the second batch of charges.
“Proceeding with sentencing in March 2024 without the delay that would be caused by a second trial would advance the public’s interest in a timely and just resolution of the case,” reads the letter.
Prosecutors said in the letter that the Bahamas, which extradited Bankman-Fried to face the original US charges, has yet to consent to the US going ahead with trying him on the additional charges. Such consent is required under treaty obligations but the former FTX chief executive officer launched a legal challenge in the Bahamas earlier this year, prompting the US to split the case in two.
The government said much of the evidence that would be presented at a second trial was already introduced at Bankman-Fried’s original trial and can be considered by the judge at sentencing set for March 28. –Bloomberg
SBF directed the transfer of FTX money to his affiliated hedge fund, Alameda Research, as well as for political donations, before both companies imploded into bankruptcy last year.