Sam Bankman‑Fried denied new trial; judge says it was PR plan

A federal judge in Manhattan rejected former FTX CEO Sam Bankman‑Fried's motion for a new trial, finding that the filing failed to present newly discovered evidence and suggesting the effort was aimed more at rehabilitating reputation than altering the verdict.

Bankman‑Fried sought relief under Rule 33 of the Federal Rules of Criminal Procedure, arguing that testimony from three former FTX executives could undercut the government's insolvency theory. U.S. District Judge Lewis A. Kaplan wrote that none of the witnesses were newly discovered, that the defense knew of their possible testimony before trial, and that Bankman‑Fried had not taken steps to compel their testimony. The judge also denied the defendant's attempt to withdraw the motion before a ruling.

The district court ruling effectively closes a district‑court avenue for overturning Bankman‑Fried's 2023 convictions and 2024 sentence of 25 years, though his appeal remains pending before the U.S. Court of Appeals for the Second Circuit. Kaplan found the factual claims advanced in the Rule 33 motion contradicted the record and therefore insufficient to warrant a new trial.

From a market and regulatory perspective the decision reduces immediate judicial uncertainty about re‑litigation in the district court, but it keeps the broader legal and reputational liabilities for the crypto sector visible. The ruling underscores that criminal appeals and collateral motions in high‑profile insolvency and fraud cases face strict standards for 'new' evidence, and that such filings can be scrutinized for motive as well as substance.

Legal analysts say the decision narrows Bankman‑Fried's tactical options to appeal and possible extraordinary remedies such as habeas corpus or executive clemency, while creditors and the FTX estate will continue claims resolution through bankruptcy and forfeiture channels. Observers expect the Second Circuit appeal to remain the principal forum for any substantive challenge to the convictions.