US prosecutors have confirmed their decision not to pursue a second trial for Sam Bankman-Fried, recently convicted of misappropriation involving his defunct FTX cryptocurrency exchange.

In a filing submitted on Friday in federal court in Manhattan, prosecutors emphasized the paramount public interest in swiftly concluding the case against the 31-year-old former billionaire. They cited this as outweighing the potential advantages of a retrial.

The prosecutors stressed the urgency of resolving the case promptly, particularly due to Bankman-Fried’s impending sentencing scheduled for March 28, 2024. This sentencing is expected to include directives for forfeiture and restitution to compensate the victims impacted by his actions.

Bankman-Fried was found guilty on November 2 on all seven counts of fraud and conspiracy leveled against him by the prosecution. These accusations involved claims of siphoning $8 billion from FTX customers driven by sheer greed.

Following his conviction, Bankman-Fried, through his legal team, chose not to comment on the developments.

Significantly, Bankman-Fried had faced an additional six charges, separated from the initial trial, encompassing allegations of campaign finance violations, conspiracy to engage in bribery, and operating an unlicensed money transmitting business.

Extradited from the Bahamas, where FTX was headquartered, Bankman-Fried was slated to face the original seven charges. However, the Bahamas had not yet given consent for a trial on the remaining charges, creating uncertainty about the timeline, according to prosecutors.

His conviction arrived almost a year after FTX declared bankruptcy, resulting in the rapid dissipation of his once-$26 billion personal wealth, marking one of the swiftest declines of a major player in the US financial markets.

Bankman-Fried faces the possibility of a substantial prison sentence when sentenced by US district judge Lewis Kaplan in Manhattan.

Prosecutors noted that a significant portion of the evidence for a potential second trial had already been presented during the first trial. Additionally, they clarified that a retrial wouldn’t significantly impact the potential sentencing under federal guidelines, as Kaplan could consider all of Bankman-Fried’s actions from the counts on which he was found guilty.

Anticipating an appeal against his conviction, Bankman-Fried admitted to managerial missteps in handling FTX, such as the absence of a risk management team, while denying allegations of embezzlement. He claimed ignorance regarding the precarious financial status of his crypto-focused hedge fund, Alameda Research, until both entities collapsed.