DOJ Halts Second Trial Against FTX’s Bankman Fried, Citing Sufficiency of Initial Evidence and ‘Public Interest’

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On Dec. 29, 2023, past 6 p.m. Eastern Time (ET), the Department of Justice (DOJ) conveyed in a letter to Judge Lewis Kaplan its decision to not move forward with a subsequent trial against Sam Bankman-Fried, the ex-CEO of FTX.

FTX’s Bankman Fried Avoids Second Trial

According to several reports on Friday evening, prosecutors have decided against pursuing a second trial against Sam Bankman-Fried (SBF). Matthew Russell Lee of the Inner City Press disclosed the update on X, posting a snapshot of the DOJ’s letter and also distributing it on his Patreon.

“So no evidence and cross examination about the campaign finance and China bribe counts, no getting to the bottom of who took the money,” Russell Lee wrote on Friday. “It is known that officials in the Bahamas, whose request to drop these charges DOJ cited in severing them, took SBF’s and FTX customers’ money.”

Following the announcement, the X user known as ‘amuse’ weighed in on the development. “Shock: SBF won’t force Biden to prosecute him for making illegal campaign contributions to Democrats,” amuse said. Another individual wrote, “dropping the campaign finance and China bribe counts, raises questions about who ultimately benefited from these financial transactions.”

The letter from the U.S. government clarifies that “much of the 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.” The DOJ pointed to the “practical reality” and the “strong public interest in a prompt resolution of this matter” as the rationale behind its decision.

SBF is confronting the likelihood of an extensive incarceration period, having been found guilty on numerous counts of fraud and money laundering. He may receive up to 110 years if the judge imposes the harshest sentences consecutively. The court has set March 28, 2024, for SBF’s sentencing.

What do you think about the DOJ dropping the second trial against SBF? Share your thoughts and opinions about this subject in the comments section below.