TLDR
- Sam Bankman-Fried withdrew his Rule 33 motion for a new trial in federal court in New York.
- He said he does not believe he would receive a fair hearing before Judge Lewis Kaplan.
- He asked to withdraw the motion without prejudice and may renew it after his direct appeal.
- A jury convicted him in November 2023 on seven counts related to fraud at FTX.
- The court later sentenced him to 25 years in prison following the conviction.
Sam Bankman-Fried withdrew his request for a new trial in federal court on Wednesday. He informed Judge Lewis Kaplan that he doubted he would receive a fair hearing. The move shifts focus back to his pending direct appeal in New York.
Sam Bankman-Fried Pulls Back Rule 33 Motion
Sam Bankman-Fried filed a letter in the U.S. District Court for the Southern District of New York. He asked to withdraw his Rule 33 motion without prejudice. He stated that he may renew it after his direct appeal concludes.
He wrote that he had focused on answering the judge’s prior questions. Those questions addressed whether his attorney drafted the Rule 33 motion. He said this focus limited his ability to respond to the prosecution’s opposition.
He told the court, “I do not believe I will get a fair hearing on this topic in front of you.” Therefore, he requested withdrawal until the appeal and reassignment requests receive rulings. He emphasized that he sought to preserve his right to refile later.
In March, his mother, Barbara Fried, submitted the pro se motion on his behalf. He had already filed a direct appeal in November seeking a new trial. However, the court has not acted on that appeal.
He explained that he conceived and drafted versions of the motion himself. He conducted legal research while in custody in Brooklyn. He said he did not consult his lawyer before filing.
He stated that he shared drafts with his parents. He added, “They made editorial and organizational suggestions, some of which I incorporated.” He also said they helped print the document due to limited prison access.
Conviction, Sentencing, and Appeal Status
A New York jury convicted Bankman-Fried in November 2023. Jurors found him guilty on seven counts tied to fraud. Prosecutors accused him of defrauding FTX customers, lenders, and investors.
Prosecutors described the case as one of the largest frauds in recent years. They compared his actions to those of Bernie Madoff. They alleged that he misused billions of dollars in customer funds.
Bankman-Fried founded FTX and the hedge fund Alameda Research. Authorities said Alameda played a central role in the scheme. They argued that he directed fund transfers that concealed losses.
In March 2024, the court sentenced him to 25 years in prison. He began serving his sentence after the judgment. He remains incarcerated in a federal facility in Brooklyn.
During trial proceedings, Judge Kaplan questioned several defense arguments. Defense lawyers attempted to shift part of the blame to FTX attorneys. However, the judge expressed skepticism during those exchanges.
Bankman-Fried also sought a pardon from President Donald Trump. In January, Trump said he had no plans to grant one. The retrial motion now remains withdrawn pending appeal review.
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