No Second Trial for Sam Bankman-Fried, Sentencing in March 2024

Sam Bankman-Fried, the ex-CEO of FTX, is not facing a second trial, as U.S. prosecutors have decided to move directly to his sentencing, scheduled for March 28, 2024. He stands accused of illegal campaign financing, bank fraud, and violations related to securities and commodities.

In a letter to Judge Lewis Kaplan, the U.S. government explained that the evidence planned for the potential second trial in March 2024 was largely covered in Bankman-Fried’s initial trial. The prosecutors emphasized the public’s interest in a prompt resolution, citing that any delay in sentencing could cause uncertainty for both the defendant and the victims.

“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, ‘as delay in sentencing may leave the defendant, as well as the victim, in limbo concerning the consequences of conviction.’”

Found guilty by jury on all seven counts, including fraud, conspiracy, and money laundering, Bankman-Fried could face a sentence exceeding 100 years in prison. This verdict came after the first trial concluded in November.

Judge Kaplan, in December, denied a request from Bankman-Fried for a postponement of his sentencing hearing. His legal team had submitted this request a day before a scheduled pre-sentence interview, despite not objecting to the sentencing dates when they were set after his first trial.