Judge Kaplan Denies Sam Bankman-Fried’s Bid for New Trial

Judge Kaplan on Tuesday denied Sam Bankman-Fried’s request for a new trial, delivering a significant setback to the disgraced FTX founder as he serves a 25-year prison sentence.

In a detailed 28-page ruling, Kaplan found that the three witnesses Bankman-Fried sought to introduce were known to the defense before the original November 2023 trial and would not have provided exculpatory evidence. The decision keeps Bankman-Fried’s conviction on all seven criminal counts intact.

Witnesses Known Before Trial

Bankman-Fried, acting as his own attorney from FCI Lompoc, had argued that testimony from the three individuals could have changed the jury’s verdict. Kaplan rejected that claim outright. “The defendant knew each proposed witness before trial,” Kaplan wrote. “There is no evidence any of the witnesses would have testified to facts that would have established that FTX was not insolvent or that victims were fully compensated in bankruptcy.”

The judge noted that Bankman-Fried had the opportunity to call these witnesses during his original trial but chose not to do so. Under federal rules, newly discovered evidence must be truly new and likely to produce a different outcome, standards Kaplan said the motion failed to meet.

Reputation Rehabilitation Strategy

Kaplan’s ruling went beyond procedural grounds. He suggested Bankman-Fried’s motion reflected a broader post-bankruptcy strategy to rehabilitate his public image.  The judge referenced writings in which Bankman-Fried appeared to plan a campaign to reshape perceptions of FTX’s collapse even before his indictment.

Appeal Path Remains

Bankman-Fried’s primary remaining hope now lies with the US Court of Appeals for the Second Circuit, where his direct appeal of the conviction is pending. His appellate attorney, Alexandra Shapiro, has argued that Kaplan’s evidentiary rulings during the trial were unfairly restrictive.

Oral arguments in November 2025 showed the three-judge panel expressing skepticism toward several defense claims. Legal observers consider a full reversal unlikely given the strength of the trial record and Kaplan’s thorough documentation.

Bankman-Fried had attempted to withdraw his new trial motion in late April, telling Kaplan he did not believe he would receive a fair hearing. The judge denied the withdrawal request and issued a full ruling on the merits.

With the new trial route closed, Bankman-Fried’s legal team will focus on the Second Circuit appeal. Should that fail, further options include petitions to the US Supreme Court, though success rates at that level are extremely low in white-collar criminal cases.

Chain Street’s Take

Kaplan’s ruling is thorough and leaves little room for ambiguity. By emphasizing that the proposed witnesses were known before trial and would not have changed the outcome, the judge reinforced the finality of the original verdict. For Bankman-Fried, this decision narrows his options considerably at a time when his appeal to the Second Circuit faces skeptical questioning.

The case continues to serve as a high-profile reminder of the consequences of massive fraud in the crypto industry. While Bankman-Fried maintains his innocence and pursues every available legal avenue, the courts have so far shown little sympathy for claims that were available to the defense at the time of trial.

The Second Circuit’s eventual decision will likely carry significant weight not only for Bankman-Fried but for future high-stakes white-collar cases involving cryptocurrency platforms.