DOJ declines to prosecute additional charges against Sam Bankman-Fried, instead focusing on sentencing in first trial

Federal prosecutors said Friday that they will not pursue a second trial against disgraced FTX founder Sam Bankman-Fried.

In November, a jury found Bankman-Fried guilty of seven criminal counts, including wire fraud, securities fraud, and money laundering, stemming from the collapse of his cryptocurrency exchange and affiliated hedge fund. Prosecutors explained that much of the evidence they would use against him in a second trial was already presented in that one.

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“Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial,” prosecutors wrote in a letter to District Judge Lewis Kaplan.

Prosecutors released documents in October showing that Bankman-Fried and his allies had donated $50 million during the 2022 election cycle to political groups that do not publicly disclose the names of donors. Among the beneficiaries were nonprofit organizations aligned with both party leaders in the Senate: Chuck Schumer (D-NY) and Mitch McConnell (R-KY).

Had prosecutors gone through with a second trial in March 2024, Bankman-Fried would have faced charges including conspiracy to bribe foreign officials, conspiracy to commit bank fraud, conspiracy to operate an unlicensed money-transmitting business, substantive securities fraud, and commodities fraud.

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Several prominent conservatives took to the internet to voice their displeasure with the decision not to prosecute Bankman-Fried further, accusing the Department of Justice of protecting the recipients of the former crypto king’s dark money donations.

Bankman-Fried faces more than 100 years in prison for the counts he has been found guilty of. His sentencing is scheduled for March 28, 2024.