Key Points
- The former FTX chief executive has pulled his Rule 33 request for a new trial
- Bankman-Fried expressed doubts about receiving impartial treatment from Judge Lewis Kaplan
- The motion was reportedly drafted by SBF himself while imprisoned, with input only from his parents
- A separate appeal challenging his conviction and sentencing continues in federal appellate court
- His plea for clemency from President Trump has not been resolved; Trump indicated in January he won’t grant it
The disgraced founder of FTX, Sam Bankman-Fried, has pulled his petition seeking a new trial. A letter filed Wednesday in the United States District Court for the Southern District of New York confirmed the withdrawal.
According to the letter, Bankman-Fried believes he cannot receive impartial consideration from Judge Lewis Kaplan regarding this issue. The withdrawal was made without prejudice, preserving his option to submit the request again at a future date.
This decision followed Judge Kaplan’s request that Bankman-Fried confirm whether legal counsel assisted in preparing the document. The filing in question was a Rule 33 motion, a legal mechanism requesting courts to order a new trial.
The imprisoned cryptocurrency entrepreneur stated he developed the concept, wrote the document, and completed most legal research independently from his cell in Brooklyn. He confirmed no attorney was consulted during the process.
He acknowledged sharing preliminary versions with his parents, Barbara and Joseph Bankman-Fried. Previously, his mother had submitted correspondence to the court on his behalf, despite lacking legal authority to do so.
“They made editorial and organizational suggestions, some of which I incorporated into the motion,” Bankman-Fried explained. His parents also assisted with printing since he lost access to word processing equipment.
Last February, Bankman-Fried petitioned for a different magistrate to evaluate his new trial request. He alleged that Kaplan demonstrated “extreme prejudice” during the trial proceedings.
The Fraud Conviction and Prison Term
A jury convicted Bankman-Fried in November 2023 on seven fraud-related charges. The criminal counts stemmed from the improper handling of client assets at FTX, previously among the world’s most prominent cryptocurrency trading platforms.
Federal prosecutors described it as “likely the largest fraud in the last decade,” making comparisons to the Bernie Madoff scandal. His trading firm, Alameda Research, played a pivotal role in the fraudulent activities.
The court sentenced him to 25 years imprisonment. He currently serves his sentence at the Federal Correctional Institution, Lompoc I, located in California.
Ongoing Appeals and Clemency Requests
Bankman-Fried maintains an active appeal contesting both his conviction and sentence in the United States Court of Appeals for the Second Circuit. The withdrawal of his Rule 33 petition has no impact on this 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 clearly stated during a January New York Times interview that he has no plans to grant Bankman-Fried a pardon.
The motion requesting reassignment to a different judge also remains unresolved. As of Wednesday’s filing, Bankman-Fried indicated he intends to await the outcome of his direct appeal before potentially resubmitting the new trial motion.
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