TLDR
- Former FTX chief Sam Bankman-Fried has pulled his Rule 33 request for a new trial
- The withdrawal stems from doubts about receiving impartial treatment from Judge Lewis Kaplan
- Bankman-Fried claims he drafted the motion independently while imprisoned, with input only from his parents
- An appeal of his criminal conviction and sentencing continues in federal appellate court
- His bid for clemency from President Trump has not been granted; Trump indicated in January he won’t issue a pardon
Sam Bankman-Fried, who formerly led the now-defunct cryptocurrency platform FTX, has pulled his request for a new trial. The withdrawal was submitted Wednesday through a letter filed in the US District Court for the Southern District of New York.
According to the letter, Bankman-Fried expressed skepticism about receiving impartial consideration from Judge Lewis Kaplan regarding this issue. The motion was withdrawn without prejudice, preserving his option to submit it again at a future date.
This action follows Judge Kaplan’s inquiry asking Bankman-Fried to specify whether legal counsel assisted in preparing the document. The filing referenced is a Rule 33 motion, a legal mechanism requesting courts to order a new trial.
Bankman-Fried stated that he independently developed the concept, wrote the document, and conducted the majority of legal research from his detention facility in Brooklyn. He indicated no attorney was consulted during the process.
He did, however, share preliminary versions with his parents, Barbara and Joseph Bankman-Fried. His mother had previously submitted correspondence to the court on his behalf, despite lacking legal authority to represent him.
“They made editorial and organizational suggestions, some of which I incorporated into the motion,” Bankman-Fried stated. His parents also assisted with printing the document, since he lost access to word processing equipment.
Last February, Bankman-Fried had requested reassignment to a different judge for consideration of the new trial motion. He asserted that Kaplan demonstrated “extreme prejudice” toward him throughout the legal proceedings.
The Conviction and Sentencing
Bankman-Fried received guilty verdicts in November 2023 across all seven fraud charges. The criminal counts centered on the improper handling of client assets at FTX, previously among the world’s most prominent cryptocurrency trading platforms.
Federal prosecutors characterized it as “likely the largest fraud in the last decade,” making parallels to the Bernie Madoff scandal. His trading firm, Alameda Research, played a pivotal role in the purported scheme.
He received a 25-year prison term and is presently incarcerated at the Federal Correctional Institution, Lompoc I, located in California.
Ongoing Appeals and Clemency Requests
Bankman-Fried maintains an active appeal challenging both his conviction and sentence in the US Court of Appeals for the Second Circuit. The withdrawal of his Rule 33 motion has no impact on that appellate process.
He has also made public overtures seeking presidential clemency from Donald Trump. Through social media platforms, he expressed support for Trump’s cryptocurrency initiatives and military decisions.
Nevertheless, Trump made clear during a January interview with the New York Times that he has no plans to grant Bankman-Fried a pardon.
The motion seeking judicial reassignment also remains under consideration. As of Wednesday, Bankman-Fried indicated he plans to await the outcome of his direct appeal before potentially resubmitting the new trial motion.
