From Investing.com:

U.S. prosecutors do not plan to conduct a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt FTX cryptocurrency exchange. Sentencing is scheduled for March 28, 2024, and could include orders of forfeiture and restitution for victims of his crimes. Last year, FTX filed for bankruptcy, erasing Bankman-Fried’s once-$26 billion personal fortune.

Bankman-Fried was convicted on all seven fraud and conspiracy counts he faced, with prosecutors accusing him of looting $8 billion from FTX customers out of sheer greed. He had also faced six additional charges, including campaign finance violations, conspiracy to commit bribery, and conspiracy to operate an unlicensed money transmitting business. A trial on the remaining charges is uncertain due to the Bahamas not granting its consent.

If sentenced, Bankman-Fried could face decades in prison. Prosecutors said that a second trial would not affect the time he could face in prison under recommended federal guidelines, and that much of the evidence that could be offered at a second trial was already presented at the first trial. Bankman-Fried is expected to appeal his conviction, claiming he did not steal customer funds and made mistakes running FTX. He has been jailed since August, when his bail was revoked.



Read more: Sam Bankman-Fried will not face a second trial By Reuters