TLDR
- Former FTX chief Sam Bankman-Fried has pulled his Rule 33 motion requesting a new trial
- The withdrawal stems from his belief that Judge Lewis Kaplan cannot provide impartial consideration
- Bankman-Fried claims to have drafted the entire motion himself while imprisoned, with only parental input
- A federal appeal challenging his conviction and sentencing continues in higher courts
- His bid for clemency from President Trump appears stalled; Trump indicated in January he won’t issue a pardon
The disgraced founder of the defunct cryptocurrency platform FTX, Sam Bankman-Fried, has pulled the plug on his request for a new trial. On Wednesday, he submitted correspondence to the US District Court for the Southern District of New York formally withdrawing the motion.
In his written statement, Bankman-Fried expressed skepticism that Judge Lewis Kaplan would provide impartial consideration of his request. The motion was withdrawn without prejudice, preserving his ability to submit it again in the future.
This development followed Judge Kaplan’s inquiry into whether legal counsel assisted Bankman-Fried in preparing the document. The filing in question represents a Rule 33 motion, a legal mechanism requesting a trial court to order a new proceeding.
According to Bankman-Fried’s account, he independently conceived, composed, and conducted the majority of legal research for the motion from his detention facility in Brooklyn. He maintained that his legal representation was not involved in its preparation.
His parents, Barbara and Joseph Bankman-Fried, reviewed preliminary versions of the document. Previously, his mother had submitted correspondence to the court advocating for her son, despite lacking formal legal status in the proceedings.
“They made editorial and organizational suggestions, some of which I incorporated into the motion,” Bankman-Fried explained. His parents also assisted with printing the document, as he lost computer access.
Last February, Bankman-Fried requested judicial reassignment for consideration of his new trial motion. He alleged that Kaplan demonstrated “extreme prejudice” throughout the trial process.
The Verdict and Prison Term
In November 2023, a jury delivered guilty verdicts on all seven fraud charges against Bankman-Fried. The criminal counts centered on the improper diversion of client assets at FTX, which had ranked among the world’s most prominent cryptocurrency trading platforms.
Federal prosecutors characterized the scheme as “likely the largest fraud in the last decade,” invoking parallels to the Bernie Madoff scandal. His trading firm, Alameda Research, played a pivotal role in the alleged criminal enterprise.
The court imposed a 25-year prison sentence, and he is currently serving time at the Federal Correctional Institution, Lompoc I, located in California.
Appellate Process and Clemency Attempts
Bankman-Fried maintains an active appeal challenging both his conviction and sentence in the US Court of Appeals for the Second Circuit. Wednesday’s withdrawal of the Rule 33 motion has no bearing on that separate appellate process.
He has additionally pursued clemency from President Donald Trump. Through online platforms, he expressed support for Trump’s cryptocurrency initiatives and foreign policy decisions.
Nevertheless, Trump told the New York Times during a January conversation that he has no plans to grant Bankman-Fried a pardon.
The matter of judicial reassignment also remains unresolved. According to Wednesday’s filing, Bankman-Fried intends to await the outcome of his direct appeal before contemplating whether to refile the new trial motion.
