US prosecutors are no longer pushing for a second trial for the embattled former FTX head honcho Sam Bankman-Fried (SBF). The New York (NY) state lawyers want the case expedited to bend to public clamor.
According to Reuters, the NY prosecutors submitted a letter to the Manhattan federal court on Friday calling off a potential second trial for the 31-year-old former billionaire. They said it is no longer needed as “strong public interest” calls for the speedy disposition of the case.
SBF is scheduled to face the music on March 28, 2024, for the sentencing of the seven counts of fraud he was convicted of in November last year. However, he also has six more charges pending the consent of the Bahamas judiciary. With the absence of a timeframe for its resolution, the extra cases could stretch the proceedings further.
Given that the interest of the public “weighs particularly heavily” on the asset forfeitures and restitution of the victims, the prosecutors decided against prolonging the procedures. As of this writing, the defense lawyers of SBF are yet to make a statement on the matter.
The Cases Against Sam Bankman-Fried
SBF, once hailed as the “King of Crypto,” was arrested in the Bahamas on December 12, 2022. This stemmed from the numerous allegations of fraud and money laundering activities he committed in his capacity as the head of FTX. In mere five hours of deliberation, the jury found him guilty of all seven counts of fraud.
Meanwhile, there are still six other cases pending from allegations of conspiracy to commit bribery, campaign finance violations, and conspiracy to operate an unlicensed money-transmitting business operation.
“Saying much more evidence that would be offered in a second trial was already offered in the first trial and can be considered by the Court at the defendant’s March 2024 sentencing,” stated the court filing.
This means SBF will no longer be held accountable for his other offenses which Coinbase’s Chief Legal Officer Paul Grewal called a “miscarriage of justice.” It would also prevent the exposure of politicians who benefitted greatly from the fallen crypto exchange.
“The public interest in a public airing of charges almost always matters. Campaign finance charges are at the very top of this list,” the lawyer remarked. “What politicians and others knew what and when are critical questions that deserve answers.”
SBF’s Potential Sentence
SBF could face up to 115 years of jail time for his crimes. However, Judge Lewis Kaplan may consider the sentences as concurrent rather than consecutive. Therefore, the ruling may be anchored on the commonality of the nature of the offenses and the penalty may be lowered between 10 to 20 years.
Let’s not even discount the possibility of a commutation or a presidential pardon down the line which could moot even a hundred-year sentence. Given the clout of SBF, especially with the politicians he supported before, this is definitely something we should watch out for.