Key Takeaways
- Federal Judge Lewis Kaplan rejected former FTX CEO Sam Bankman-Fried’s retrial motion this Tuesday
- The judge characterized the filing as an attempt to salvage Bankman-Fried’s public image
- Bankman-Fried claimed testimony from three ex-FTX officials could demonstrate the platform’s solvency
- Kaplan noted the defendant had access to these witnesses during the original proceedings but didn’t pursue them
- Bankman-Fried’s appeal challenging his conviction and quarter-century prison term continues
A federal judge has shut down Sam Bankman-Fried’s attempt to secure a new trial following his conviction in the spectacular collapse of cryptocurrency platform FTX.
A federal judge rejected FTX co-founder Sam Bankman-Fried’s do-it-yourself motion for a new trial based on what the former crypto king claimed was new evidence https://t.co/Yke9vgqa37
— Bloomberg (@business) April 28, 2026
Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York, who oversaw Bankman-Fried’s 2023 criminal trial and handed down a 25-year prison sentence in early 2024, issued the ruling on Tuesday.
The judge didn’t mince words in his decision. Kaplan stated the motion seemed to represent “one part of a plan to rescue his reputation” that the disgraced crypto executive developed following FTX’s bankruptcy filing but prior to criminal charges being filed.
This past February, Bankman-Fried submitted the retrial motion independently, bypassing his legal team. He simultaneously requested Kaplan’s recusal from the matter, which was also denied.
Days ago, Bankman-Fried attempted to pull the motion completely. His reasoning centered on doubts about receiving “a fair hearing” from Kaplan. The judge rejected this withdrawal request as well.
Examining the Alleged New Evidence
The former crypto mogul contended that testimony from three ex-FTX officials could have demonstrated the exchange maintained solvency. His motion specifically identified Ryan Salame, who previously ran FTX’s operations in the Bahamas, along with Daniel Chapsky, the platform’s former data science director.
Additionally, he referenced Nishad Singh, FTX’s one-time engineering director, alleging Singh modified his testimony “following threats from the government.”
Judge Kaplan dismissed each of these contentions. He emphasized that these individuals weren’t “newly discovered” witnesses—Bankman-Fried had full knowledge of all three prior to trial and understood what their potential testimony might include.
“He could have obtained or at least sought to compel their testimony,” the judge stated in his order. “But he did neither.”
Kaplan described the assertion about government witness intimidation as “wildly conspiratorial and entirely contradicted by the record.”
Case History and Context
Salame entered a guilty plea to campaign finance violations and running an unlicensed money transmission operation. In May 2024, he received a sentence of seven and a half years behind bars.
Singh negotiated a cooperation agreement with federal prosecutors that allowed him to avoid incarceration in exchange for testimony against Bankman-Fried during the original trial.
A jury found Bankman-Fried guilty in November 2023 on every charge—seven counts total encompassing fraud and money laundering. Government attorneys characterized the scheme as “likely the largest fraud in the last decade,” drawing parallels to the Bernie Madoff scandal.
Evidence presented at trial showed he illegally transferred billions in FTX customer deposits to Alameda Research, his affiliated trading company, where the funds financed speculative investments that ultimately precipitated FTX’s downfall.
Judge Kaplan also addressed Bankman-Fried’s extensive media outreach, referencing conversations with author Michael Lewis and political commentator Tucker Carlson. He noted the purportedly new information “have been seen before. Many times.”
Bankman-Fried has requested clemency from President Donald Trump. Trump has publicly stated he doesn’t intend to issue such a pardon.
The convicted former executive is serving his sentence at a federal correctional facility in Lompoc, California. His appellate challenge to both the guilty verdict and prison term is ongoing.
