Sam Bankman-Fried, the disgraced founder of crypto exchange FTX, will not face a second trial as US prosecutors have decided not to proceed. Bankman-Fried was previously found guilty on seven counts of fraud and conspiracy related to FTX's collapse. He was set to face five additional charges in a separate trial, but prosecutors have stated that most of the evidence had already been presented in the first trial. Bankman-Fried is scheduled to be sentenced in March 2024 and could face up to 110 years in prison. The government intends to proceed with sentencing on the counts for which he was convicted. The sentencing is expected to include orders of forfeiture and restitution for the victims. The FTX saga has been compared to Bernie Madoff's Ponzi scheme and was a significant white-collar crime case. Bankman-Fried was found guilty of stealing billions of dollars from customer accounts, defrauding lenders, defrauding investors, and money laundering.
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