Sam Bankman-Fried will not face a second trial, U.S. prosecutors decide

NEW YORK - U.S. prosecutors said on Friday they do not plan to proceed with a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt FTX cryptocurrency exchange. In a letter filed in federal court in Manhattan, prosecutors said the strong public interest in a prompt resolution of the case outweighed the benefits of a second trial. They said that interest "weighs particularly heavily here," given that Bankman-Fried's scheduled March 2024 sentencing will likely include orders of forfeiture and restitution for victims of his crimes. Download the CTV News App for breaking news alerts and video on all the top stories It also said much of the evidence that would be offered at a second trial was already presented at the first trial. Lawyers for Bankman-Fried did not immediately respond to requests for comment. Jurors on Nov. 2 convicted Bankman-Fried on all seven counts he faced, after prosecutors accused him of looting US$8 billion from FTX customers out of sheer greed. The verdict came nearly one year after FTX filed for bankruptcy, in a meltdown that shook markets and erased Bankman-Fried's once-US$26 billion personal fortune.