The legal saga of FTX co-founder Sam Bankman-Fried (SBF) hit another major roadblock this week. A Manhattan federal judge has officially denied Bankman-Fried’s motion for a new trial, dismissing his claims of “new evidence” as baseless. Judge Lewis Kaplan, who has presided over the case since its inception, didn’t mince words, suggesting the legal maneuver was less about justice and more about a desperate PR play.
In a scathing order issued on Tuesday, Judge Kaplan characterized the request as part of a pre-planned strategy by the former billionaire to salvage his image. According to the judge, this “plan” was something Bankman-Fried had actually committed to writing after FTX collapsed but before his initial indictment. The ruling effectively shuts down SBF’s latest attempt to overturn the 25-year prison sentence he received following his 2023 conviction.
Why the Court Rejected the “New Evidence” Claims
The core of Bankman-Fried’s argument rested on the idea that three former FTX executives could provide testimony to prove the exchange wasn’t actually insolvent. Specifically, SBF pointed to Ryan Salame, Daniel Chapsky, and Nishad Singh as witnesses who could have turned the tide. However, Judge Kaplan was unimpressed, noting that none of these individuals could be considered “newly discovered.” Bankman-Fried had known all three for years and was well aware of what they might say long before his trial began.
Furthermore, the judge addressed SBF’s claims that Nishad Singh—who cooperated with the government—had changed his testimony due to federal threats. Kaplan dismissed these allegations as “wildly conspiratorial,” stating they were directly contradicted by the actual court record. The judge pointed out that if Bankman-Fried truly believed these witnesses were vital to his defense, he had the opportunity to compel their testimony during the original trial but chose not to do so.
A Rare Legal Maneuver Fails to Launch
The filing itself was an unusual move. Bankman-Fried filed the motion for a new trial in February without consulting his legal team, even while a separate appeals court was already reviewing his conviction. Adding to the drama, SBF attempted to withdraw the request on Wednesday, telling Judge Kaplan he didn’t believe he would receive a “fair hearing” in his courtroom. The judge denied that request for withdrawal as well, choosing instead to issue the formal ruling on the merits of the case.
Currently, Bankman-Fried remains in a federal prison in Lompoc, California. He was found guilty on seven counts of fraud and money laundering after a jury determined he funneled billions in customer funds to his trading firm, Alameda Research. While his legal team continues to fight the 25-year sentence through the standard appeals process, this latest attempt to restart the trial from scratch appears to be a dead end.
