Yes he has yet to be sentenced. So what's the good news? Well, mixed news. SBF faces a downside even on the good news:
NEW YORK (AP) — A second trial of FTX founder Sam Bankman-Fried on charges not in the cryptocurrency fraud case presented to a jury that convicted him in November is not necessary, prosecutors told a judge Friday.
Prosecutors told U.S. District Judge Lewis A. Kaplan in a letter that evidence at a second trial would duplicate evidence already shown to a jury. They also said it would ignore the “strong public interest in a prompt resolution” of the case, particularly because victims would not benefit from forfeiture or restitution orders if sentencing is delayed.
They said the judge can consider the evidence that would be used at a second trial when he sentences Bankman-Fried on March 28 for defrauding customers and investors of at least $10 billion.
Bankman-Fried, 31, who has been incarcerated since several weeks before his trial, was convicted in early November of seven counts, including wire fraud, wire fraud conspiracy and three conspiracy charges. He could face decades in prison.
Last spring, prosecutors withdrew some charges they had brought against Bankman-Fried because the charges had not been approved as part of his extradition from the Bahamas in December 2022. They said the charges could be brought at a second trial to occur sometime in 2024.
However, prosecutors at the time said that they would still present evidence to the jury at the 2023 trial about the substance of the charges.
The charges that were temporarily dropped included conspiracy to make unlawful campaign contributions, conspiracy to bribe foreign officials and two other conspiracy counts. He also was charged with securities fraud and commodities fraud.
In their letter to Kaplan, prosecutors noted that they introduced evidence about all of the dropped charges during Bankman-Fried's monthlong trial.
They said authorities in the Bahamas still have not responded to their request to bring the additional charges at a second trial.
A lawyer for Bankman-Fried declined comment.
Mixed news, yes. From Reuters earlier:
U.S. District Judge Lewis Kaplan set Bankman-Fried's sentencing for March 28, 2024.
Bankman-Fried could face decades in prison.
Kaplan will sentence Bankman-Fried based on several factors, including his personal history and the nature of the crime.
In denying Bankman-Fried's release from jail to prepare for trial, Kaplan said he could potentially face a "very long sentence."
Kaplan wrote in a 2007 article about corporate crime that "crimes committed by white collar criminals out of a studied calculation of likely costs and benefits of engaging in the criminal behavior perhaps are especially reprehensible."
Is this the end of the case?
Prosecutors' case against Bankman-Fried is not over.
Bankman-Fried is scheduled to stand trial in March on charges of paying a $40 million bribe to Chinese officials and conspiring to make more than 300 illegal political donations in the U.S.
Will Bankman-Fried appeal?
Bankman-Fried is likely to ask the 2nd U.S. Circuit Court of Appeals to review his conviction, as well as rulings against him before and during the trial.
Kaplan partly blocked Bankman-Fried from testifying to the jury that lawyers were involved in aspects of FTX's business.
Bankman-Fried's attorneys moved for acquittal during the trial, arguing prosecutors had failed to prove their case. Kaplan denied the motion. His lawyer Mark Cohen said following Bankman-Fried's conviction that his client would continue to "vigorously fight the charges."
So, the change is that the second charge Reuters described will not go to trial.
Reuters further noted:
Bankman-Fried has been detained in Brooklyn's Metropolitan Detention Center since Aug. 11, when Kaplan found he likely tampered with witnesses at least twice.
He is likely to remain there until sentencing.
Glory days for SBF are over after the FTX crypto exchange went splat. In other news a then crypto exchange competitor of SBF, still operating, Binance, settled via paying a "go sit in the corner" fine, while still in business worldwide, doing fine.
Justice is blind, but cash into one side of the balance can be felt.
_____________UPDATE____________
Unlike Rudy's bankruptcy which appears to be that of a tapped out debtor, (despite being filed as a Chap. 11 action and not under Chap. 7), the FTX wind-down involved actual money.
In a recent Crabgrass post the Merton spouses' end-of-year "Wallstreet on Parade" item was featured.
During the pendency of post-collapse events late in 2022 and in early 2023 involving SBF and FTX, the pair reported; e.g., here, here, here, and here (with a link over to a Forbes online report); with those four exemplar items not exhausting their arguably unique analyses.
_________FURTHER UPDATE________
As this update is written, we are in 2024.
Wouldn't you like to see the money followed?
The Murdoch family, at their NY Post and FOX outlets question scrubbing a second trial as a sop to the deep state. Not thinking as they do, nonetheless, who takes money is or should be important to a nation wanting clean politics.
There are sound grounds to say a second trial following the money would tell us more of value than the first trial saying unregulated (illregulated also) crypto sucks.
Breitbart did its follow-up on second-trial cancellation.
A carry of FOX content stated:
In a Friday letter filed in federal court in Manhattan, prosecutors said they do "not plan to proceed with a second trial" as "much of the evidence that would be offered in a second trial was already offered in the first trial and can be considered by the Court at the defendant’s March 2024 sentencing."
"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," the prosecutors added.
Do you see a strong public murmuring for a prompt move to sentencing; and in your mind is late March "prompt?" DOJ seems to see a mirage. Tell me why.
Continuing:
The decision by prosecutors not to hold a second trial against Bankman-Fried quickly drew backlash from those who had followed the case.
"So we won’t know which politicians he bribed or who’s campaigns he influenced? That collective sigh of relief you are hearing is from the DEEP STATE," Rep. Tim Burchett, R-Tenn., wrote in a Friday night post to X.
Conservative commentator John Cardillo also weighed in on the announcement from prosecutors, accusing the Department of Justice of shielding Democrats from being named as recipients of Bankman-Fried donations.
"Sam Bankman-Fried will not face second trial," Cardillo wrote in an X post. "DOJ is protecting his Dem donation recipients."
[... Oh, don't look here, look there, got it and thanks] Turning Point USA founder Charlie Kirk also commented on the prosecutors' move to not hold a second trial for Bankman-Fried, insisting [...] "The SBF case became too high-profile for the DOJ to completely ignore, but they made sure laundering $100 million of customers’ money to Schumer, Biden, and McConnell and other dark money groups would never blow back on the ‘elite.’ Trump faces 700 years in federal prison, but America’s uniparty cabal just gave themselves a get out of jail free card. You’re witnessing DC corruption in mealtime," Kirk wrote in a social media post.
The bet here is he said "realtime" and not "mealtime." Continuing -
Weighing in on the matter, Trending Politics co-owner Collin Rugg said, "Making bribes with stolen money is fine as long as that money is going to U.S. politicians."
"SBF donated $100 million during the 2022 midterms, pouring tens of millions into dark money groups with customers' funds," Rugg wrote on X. "Some of these groups were linked to Senate leaders including Mitch McConnell and Chuck Schumer."
Rugg's post to social media also included a clip that appeared to show Rep. Maxine Waters, D-Calif., blowing Bankman-Fried a kiss during one of their encounters.
In 2021 and 2022, Bankman-Fried donated nearly $38 million to various candidates and PACs, mainly giving his cash to Democratic candidates and left-wing groups, according to Federal Election Commission filings (FEC).
[...] In the trial, he faced two counts of wire fraud and five conspiracy counts. The charges combined amount to a maximum sentence of 110 years behind bars, but sentencing guidelines may call for far less than that.Prosecutors said in their letter Friday that much of the evidence presented during the first trial would have been repeated at a second. They noted that since they "proved that the defendant engaged in a scheme to make unlawful campaign contributions, the Court may consider this scheme as relevant conduct at the defendant’s sentencing."
Prosecutors also said they were prevented from including the unlawful campaign contributions charge because the extradition agreement with the Bahamas to arrest Bankman-Fried did not include that count.
"Much of" in context means "some of" the evidence remained out of the evidence that was presented at trial, it being a discretionary thing with the lawyers, re the charges made, and the evidence presented.
So, you read it -- not the deep state at all, but ordinary run-of-the-mill career politicians are named as of interest. Schumer and McConnell mentioned that way.
Deep state?
NOTE: Schumer and McConnell are not deep, they are superficial.
And the news is: Three ultra-rightwing outlets wail. As if it might have been only "the other guys" who took SBF - FTX money. Or mainly so.
Do you suppose Tom Emmer would agree with those outlets wanting another trial to have follow-the-FTX/SBF-money fully pursued and exposed?
Remember, Emmer was the
head Republican House money tree shaker back then in 2021, while SBF was still thought legit. Emmer was shaking the tree to get $$$ for Republican candidates in 2022 elections. What's your guess on Emmer's view, second trial, or move along?