Sam Bankman-Fried, the founder and former chief executive of FTX, testified at his trial that he made mistakes running the exchange, including by not creating a team to oversee risk management, but did not steal customer funds. AP
Sam Bankman-Fried, the founder and former chief executive of FTX, testified at his trial that he made mistakes running the exchange, including by not creating a team to oversee risk management, but did not steal customer funds. AP
Sam Bankman-Fried, the founder and former chief executive of FTX, testified at his trial that he made mistakes running the exchange, including by not creating a team to oversee risk management, but did not steal customer funds. AP
Sam Bankman-Fried, the founder and former chief executive of FTX, testified at his trial that he made mistakes running the exchange, including by not creating a team to oversee risk management, but di

Business

Cryptocurrencies

Disgraced FTX founder Sam Bankman-Fried will not face a second trial, US prosecutors say

Sentence is likely to include forfeiture and restitution for victims of his crimes

Reuters

December 30, 2023

  • English
  • Arabic

US prosecutors said they do not plan to conduct 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 on Friday night in federal court in Manhattan, New York, prosecutors said the “strong public interest” in a prompt resolution of their case against the 31-year-old former billionaire outweighed the benefits of a second trial.

Prosecutors said that interest “weighs particularly heavily here”, given that Mr Bankman-Fried's scheduled March 28, 2024, sentencing is likely to include orders of forfeiture and restitution for victims of his crimes.

Jurors on November 2 convicted Mr Bankman-Fried on all seven fraud and conspiracy counts he faced. Prosecutors had accused him of looting $8 billion from FTX customers out of sheer greed.

Lawyers for Mr Bankman-Fried declined to comment.

He had faced six additional charges that had been severed from his first trial, including campaign finance violations, conspiracy to commit bribery and conspiracy to operate an unlicensed money transmitting business.

He had been extradited in December 2022 from the Bahamas, where FTX was based, to face the seven earlier charges.

The Bahamas has yet to grant its consent for a trial on the remaining charges, however, leaving the timetable uncertain, prosecutors said.

Mr Bankman-Fried's verdict came nearly one year after FTX filed for bankruptcy, erasing his once-$26 billion personal fortune in one of the fastest collapses of a major participant in US financial markets.

He could face decades in prison when he is sentenced by US District judge Lewis Kaplan in Manhattan.

Prosecutors said much of the evidence that could be offered at a second trial was presented at the first trial.

They also said a second trial would not affect how much time Bankman-Fried could face in prison under recommended federal guidelines, because Mr Kaplan could consider all of Bankman-Fried's conduct when sentencing him for the counts on which he was convicted.

Mr Bankman-Fried is expected to appeal against his conviction.

He testified at trial that he made mistakes running FTX, including by not creating a team to oversee risk management, but did not steal customer funds.

Mr Bankman-Fried also said he thought the borrowing of money from FTX by his crypto-focused hedge fund Alameda Research was permissible, and that he did not realise how precarious their finances had become until shortly before both collapsed.

The Massachusetts Institute of Technology graduate has been jailed since August, when Mr Kaplan revoked his bail after concluding that he had likely tampered with prospective trial witnesses.

Former FTX chief executive Sam Bankman-Fried arrives on the day of his hearing at Manhattan federal court in New York. Reuters
Former FTX chief executive Sam Bankman-Fried arrives on the day of his hearing at Manhattan federal court in New York. Reuters
Mr Bankman-Fried faces fraud charges over the collapse of the FTX cryptocurrency exchange. AP
Mr Bankman-Fried faces fraud charges over the collapse of the FTX cryptocurrency exchange. AP
Mr Bankman-Fried pleaded not guilty to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform. EPA
Mr Bankman-Fried pleaded not guilty to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform. EPA
Mr Bankman-Fried is facing federal charges that he illegally used money from investors for personal gain. Reuters
Mr Bankman-Fried is facing federal charges that he illegally used money from investors for personal gain. Reuters
The FTX Group has installed a new chief executive as Mr Bankman-Fried deals with his legal challenges. Reuters
The FTX Group has installed a new chief executive as Mr Bankman-Fried deals with his legal challenges. Reuters
Mr Bankman-Fried was extradited to the US from the Bahamas in December. AP
Mr Bankman-Fried was extradited to the US from the Bahamas in December. AP
The FTX Group has filed for bankruptcy and has begun an 'orderly process to review and monetise assets for the benefit of all global stakeholders'. AFP
The FTX Group has filed for bankruptcy and has begun an 'orderly process to review and monetise assets for the benefit of all global stakeholders'. AFP
Mr Bankman-Fried was arrested on December 13, 2022, in the Bahamas after being served with several US criminal charges. AFP
Mr Bankman-Fried was arrested on December 13, 2022, in the Bahamas after being served with several US criminal charges. AFP
Mr Bankman-Fried lost much of his wealth in the FTX collapse. AP
Mr Bankman-Fried lost much of his wealth in the FTX collapse. AP
The US accuses Mr Bankman-Fried of committing one of the biggest financial frauds in history. Reuters
The US accuses Mr Bankman-Fried of committing one of the biggest financial frauds in history. Reuters
Mr Bankman-Fried, seen here in February 2021, has testified on Capitol Hill about cryptocurrency policy. AFP
Mr Bankman-Fried, seen here in February 2021, has testified on Capitol Hill about cryptocurrency policy. AFP
While you're here
While you're here
Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
MATCH INFO

Iceland 0 England 1 (Sterling pen 90 1)

Man of the match Kari Arnason (Iceland)

RESULTS

6.30pm Handicap (TB) $68,000 (Dirt) 1,200m

Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)

7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m

Winner Dubai Future, Frankie Dettori, Saeed bin Suroor

7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m

Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard

8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m

Winner Secret Ambition, Tadhg O’Shea, Satish Seemar

9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m

Winner Topper Bill, Richard Mullen, Satish Seemar

9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m

Winner Man Of Promise, William Buick, Charlie Appleby

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

RESULTS

Women:

55kg brown-black belt: Amal Amjahid (BEL) bt Amanda Monteiro (BRA) via choke
62kg brown-black belt: Bianca Basilio (BRA) bt Ffion Davies (GBR) via referee’s decision (0-0, 2-2 adv)
70kg brown-black belt: Ana Carolina Vieira (BRA) bt Jessica Swanson (USA), 9-0
90kg brown-black belt: Angelica Galvao (USA) bt Marta Szarecka (POL) 8-2

Men:

62kg black belt: Joao Miyao (BRA) bt Wan Ki-chae (KOR), 7-2
69kg black belt: Paulo Miyao (BRA) bt Gianni Grippo (USA), 2-2 (1-0 adv)
77kg black belt: Espen Mathiesen (NOR) bt Jake Mackenzie (CAN)
85kg black belt: Isaque Braz (BRA) bt Faisal Al Ketbi (UAE), 2-0
94kg black belt: Felipe Pena (BRA) bt Adam Wardzinski (POL), 4-0
110kg black belt final: Erberth Santos (BRA) bt Lucio Rodrigues (GBR) via rear naked choke

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

RESULT

West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' ) 
Liverpool: Ings (4'), Salah (72') 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Clinicy%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Prince%20Mohammed%20Bin%20Abdulrahman%2C%20Abdullah%20bin%20Sulaiman%20Alobaid%20and%20Saud%20bin%20Sulaiman%20Alobaid%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2025%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%20raised%3A%3C%2Fstrong%3E%20More%20than%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Middle%20East%20Venture%20Partners%2C%20Gate%20Capital%2C%20Kafou%20Group%20and%20Fadeed%20Investment%3C%2Fp%3E%0A
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20mild%20hybrid%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20S%20tronic%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E265hp%20%2F%20195kW%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20370Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh260%2C000%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

While you're here
On Women's Day
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20flat%206-cylinder%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20PDK%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E500hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh530%2C300%20as%20tested%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Updated: December 30, 2023, 11:01 AM
CryptocurrencyTechnology