Prosecutors say Sam Bankman-Fried will not face a 2nd trial

FTX founder Sam Bankman-Fried will not stand trial a second time after federal prosecutors in New York said Friday they would not prosecute the disgraced crypto executive on charges he made unlawful campaign contributions.

The charge was severed from the rest of the case when Bankman-Fried was convicted at trial in November.

Prosecutors said in a letter to the court Friday evening "it does not plan to proceed with a second trial," which had been scheduled to start in March.

Prosecutors said they were mindful of the "strong public interest in a prompt resolution of this matter" as it abandoned the effort to try Bankman-Fried again.

Bankman-Fried, 31, was charged with seven counts of fraud, conspiracy and money laundering in what federal prosecutors have described as "one of the biggest financial frauds in American history."

He was accused of using customer deposits on the crypto trading platform FTX to cover losses at his hedge fund, pay off loans and buy lavish real estate, among other personal expenses.

He pleaded not guilty to all counts. With the conviction on all charges, he could face a sentence of up to 110 years in prison. His sentencing was scheduled for March 28, 2024.