Security News > 2024 > January > Crypto-crook Sam Bankman-Fried spared a second trial

US prosecutors do not plan to proceed with a second trial of convicted and imprisoned crypto-villain Sam Bankman-Fried, according to a Southern District of New York court letter filed on December 29.

Although forgoing an additional trial means not holding SBF accountable for conspiracy to make unlawful campaign contributions, additional court dates would most certainly delay a scheduled March 2024 sentencing, as it would require negotiating with The Bahamas regarding terms of extradition.

While the island nation agreed to extradition on seven out of eight charges, local authorities did not consent to extradition on a charge of conspiracy to make unlawful campaign contributions.

SBF's first trial yielded seven guilty verdicts.

Those included two counts of conspiracy to commit wire fraud, two counts of wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering.

SBF's other enterprise, crypto trading firm Alameda Research, allegedly used FTX customer deposits as a slush fund with a line of credit of up to $65 billion dollars.

News URL

https://go.theregister.com/feed/www.theregister.com/2024/01/02/sam_bankman_fried_spared_a/