Bloomberg reported Thursday that US prosecutors urged federal prosecutors to deny Sam Bankman-Fried’s request for a new criminal trial, arguing that the former FTX chairman did not meet the legal standard for a new trial.
According to the report, citing court documents, Bankman-Fried’s claims that new witnesses could undermine the government’s case do not meet the legal standard required for a retrial.
Prosecutors reportedly argued that Bankman-Fried testimony from former FTX executives Ryan Salam and Daniel Chapsky would not be included in the newly discovered evidence because both were known to the defense until the 2023 trial.
Prosecutors’ response marks the latest procedural step in Bankman-Fried’s bid to overturn his conviction in connection with the collapse of FTX, the crypto exchange whose failure sparked one of the industry’s biggest scandals.
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The court has not yet ruled on whether to request a retrial
Bankman-Fried filed a motion for a new trial in February, arguing that testimony from former executives could cast doubt on the prosecution’s account of FTX’s financial condition before its collapse.
The defense argued that the testimony of Salameh and Chapsky could undermine the government’s presentation to the jury during the trial. Judge Kaplan later ordered prosecutors to respond to the request by March 11.
The judge has not yet decided whether the motion will proceed. Bankman-Fried is continuing to separately appeal his conviction to the US Court of Appeals for the Second Circuit.
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A jury convicted Bankman-Fried in November 2023 of seven counts of fraud and conspiracy related to the misappropriation of client funds at FTX and its sister trading firm, Alameda Research. He was later sentenced to 25 years in prison.
Assumptions of forgiveness in the face of legal challenges
Bankman-Fried’s legal efforts continued amid public speculation that she might seek a presidential pardon.
On February 1, the former CEO of FTX praised US President Donald Trump’s crypto stance in social media posts, adding to scrutiny over whether he was trying to build political support while seeking legal aid.
This assumption has not yet been revealed anywhere. Trump reportedly told The New York Times on Jan. 9 that he has no plans to pardon Bankman-Fried, leaving an appeal and a retrial as the main avenues to overturn his conviction.
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