U.S. Prosecutors: SBF Case Will Not Seek Retrial, Sentencing Hearing Scheduled for March
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US Prosecutors: SBF Case Will Not Face Second Trial
According to Reuters, US prosecutors have stated that they do not intend to pursue a second trial against FTX founder Sam Bankman-Fried (SBF), citing the greater public interest in the case outweighing the benefits of a retrial.
The prosecutors believe that a second trial would delay the fair judgment of the SBF case and that sufficient evidence was presented during the first trial to demonstrate a series of financial crimes committed by SBF during his tenure, making a retrial essentially unnecessary.
This clarification from the prosecutors dispels speculations about SBF facing another trial due to additional criminal charges.
SBF Faces Seven Charges, Dismissal of Second Trial Does Not Affect Sentencing
SBF was convicted of seven charges on November 3rd Taiwan time, including:
Conspiracy to commit money laundering
Telecommunications fraud against users
Conspiracy to commit commodity fraud
Conspiracy to commit securities fraud
Conspiracy to commit telecommunications fraud against users
Telecommunications fraud against lenders
Conspiracy to commit telecommunications fraud against lenders
The report also notes that six other charges against SBF, including violations of campaign finance rules, were dismissed during the first trial. However, the prosecutors emphasize that the dismissal of the retrial will not affect the length of SBF's sentence, as the judge during the sentencing hearing will consider all charges against SBF.
SBF Faces a Total of 115 Years for Seven Charges
The sentencing hearing for SBF is currently scheduled for March 28th next year, with a total of 115 years for the seven charges. However, as previously cited by CoinDesk, legal experts suggest that SBF may only serve 10 to 20 years in prison.
They believe that the execution of multiple penalties is more likely to be concurrent rather than consecutive, meaning that the execution times for different penalties will overlap rather than waiting for one penalty to be completed before moving on to the next.
SBF convicted of seven charges, sentencing in March, SBF: Respect the jury's decision, I am innocent