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

On Dec. 29, 2023, past 6 p.m. Eastern Time (ET), the Department of Justice (DOJ) conveyed successful a missive to Judge Lewis Kaplan its determination to not determination guardant with a consequent proceedings against Sam Bankman-Fried, the ex-CEO of FTX.

FTX’s Bankman Fried Avoids Second Trial

According to respective reports connected Friday evening, prosecutors person decided against pursuing a 2nd proceedings against Sam Bankman-Fried (SBF). Matthew Russell Lee of the Inner City Press disclosed the update connected X, posting a snapshot of the DOJ’s missive and besides distributing it connected his Patreon.

“So nary grounds and transverse introspection astir the run concern and China bribe counts, nary getting to the bottommost of who took the money,” Russell Lee wrote connected Friday. “It is known that officials successful the Bahamas, whose petition to driblet these charges DOJ cited successful severing them, took SBF’s and FTX customers’ money.”

Following the announcement, the X idiosyncratic known arsenic ‘amuse’ weighed successful connected the development. “Shock: SBF won’t unit Biden to prosecute him for making amerciable run contributions to Democrats,” amuse said. Another idiosyncratic wrote, “dropping the run concern and China bribe counts, raises questions astir who yet benefited from these fiscal transactions.”

The missive from the U.S. authorities clarifies that “much of the grounds that would beryllium offered successful a 2nd proceedings was already offered successful the archetypal proceedings and tin beryllium considered by the tribunal astatine the defendant’s March 2024 sentencing.” The DOJ pointed to the “practical reality” and the “strong nationalist involvement successful a punctual solution of this matter” arsenic the rationale down its decision.

SBF is confronting the likelihood of an extended incarceration period, having been recovered blameworthy connected galore counts of fraud and wealth laundering. He whitethorn person up to 110 years if the justice imposes the harshest sentences consecutively. The tribunal has acceptable March 28, 2024, for SBF’s sentencing.

What bash you deliberation astir the DOJ dropping the 2nd proceedings against SBF? Share your thoughts and opinions astir this taxable successful the comments conception below.