Posted on Dec 30, 2023
Sam Bankman-Fried: Convicted 'Crypto King' will not face second trial
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Sam Bankman-Fried, who once ran one of the world's biggest cryptocurrency exchanges and is facing decades in jail, will not face another trial, US prosecutors say.
The 31-year-old was found guilty of fraud and money laundering last month.
Prosecutors said the "strong public interest" in a resolution of their case against the former billionaire outweighed benefits of a second trial.
He had faced six charges that had been separated from his first trial.
These included campaign finance violations, conspiracy to commit bribery, and conspiracy to operate an unlicensed money transmitting business.
The 31-year-old was found guilty of fraud and money laundering last month.
Prosecutors said the "strong public interest" in a resolution of their case against the former billionaire outweighed benefits of a second trial.
He had faced six charges that had been separated from his first trial.
These included campaign finance violations, conspiracy to commit bribery, and conspiracy to operate an unlicensed money transmitting business.
Sam Bankman-Fried: Convicted 'Crypto King' will not face second trial
Posted from bbc.com
Crime
Fraud
Investing
Money
Finance
Posted 4 mo ago
Responses: 2
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PO1 William "Chip" Nagel good day Brother William, always informational and of the most interesting. Thanks for sharing, have a blessed day!
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PO1 William "Chip" Nagel
..."Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to do in public, he used the money to repay Alameda lenders, buy property and make investments and political donations.
He had pleaded not guilty to all the charges, maintaining that, while he had made mistakes, he had acted in good faith.
Five of the charges Bankman-Fried was found guilty of carry a maximum prison term of 20 years, with a five-year maximum on the other two charges.
That creates a potential maximum sentence of 110 years. Although it is unlikely the judge will actually impose that, Bankman-Fried is expected to face a sentence lasting decades.
Three of his former close friends and colleagues, including his ex-girlfriend Caroline Ellison, pleaded guilty and agreed to testify against him in hopes of reducing their own sentences.
They are to be sentenced at a later date."
..."Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to do in public, he used the money to repay Alameda lenders, buy property and make investments and political donations.
He had pleaded not guilty to all the charges, maintaining that, while he had made mistakes, he had acted in good faith.
Five of the charges Bankman-Fried was found guilty of carry a maximum prison term of 20 years, with a five-year maximum on the other two charges.
That creates a potential maximum sentence of 110 years. Although it is unlikely the judge will actually impose that, Bankman-Fried is expected to face a sentence lasting decades.
Three of his former close friends and colleagues, including his ex-girlfriend Caroline Ellison, pleaded guilty and agreed to testify against him in hopes of reducing their own sentences.
They are to be sentenced at a later date."
(4)
(0)
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