Sam Bankman-Fried, ex-crypto mogul, is facing legal action on accusations of fraud and money laundering due to the disintegration of his crypto trading platform, FTX. The criminal hearing started on Tuesday with the selection of jurors. Judge Lewis Kaplan, 78, presides over the case.
On Tuesday, Sam Bankman-Fried sported a new look as he commenced his trial; reportedly having been given a haircut by a fellow inmate at the Brooklyn jail where he has been incarcerated since August over allegations of witness tampering. Bankman-Fried was wearing a freshly pressed suit and entered the 26th floor courtroom without shackles, unlike the last time. There were journalists and scores of New Yorkers in line to be issued jury summonses, and after two hours of waiting, many reporters were directed into an overflow room with monitors showing two views of the courtroom through a live feed. The room was cold and loud due to high-pitched feedback, but Bankman-Fried remained engaged with his attorneys while referring to a laptop in front of him for guidance. The former CEO of the bankrupt FTX exchange has pleaded not guilty to all seven charges against him, which include fraud and money laundering.
Beginning the day slowly, 78-year-old Judge Lewis Kaplan was unfazed by the start time delay of 11 A.M. for the jury selection process with lunch at 12:30 P.M. The veteran of the Southern District of New York, presiding over some of the biggest cases at 500 Pearl Street in downtown Manhattan, was heard to joke that he didn't "speak computer" when his desktop beeped in court. Claiming his clerk was a "computer whisperer," he proceeded to gather the jury. Judge Kaplan informed Bankman-Fried that the decision to testify was his alone, and indicated that if Bankman-Fried stood up from the defense table, the jury would be ushered out of the courtroom so he could address him directly. It is unclear at this time whether Bankman-Fried will take the stand.Witnesses anticipated to testify are Caroline Ellison, former chief executive of Alameda Research, and Gary Wang, co-founder of FTX, both of whom entered guilty pleas in December and have been cooperating with the U.S. Attorney's Office in Manhattan for months.Judge Kaplan, who instructed the court that he would be the one asking questions with input from lawyers on both sides, expects the jury to be seated by Wednesday.One potential juror works at Insight Partners, an investor in Alameda, and another tried to get out of jury duty with a six-month trip to Maui, prompting the judge to call him a "courageous soul."Most of the jurors were aware of Bankman-Fried through periodicals, with one citing a Joe Rogan podcast. Reporting by Dawn Giel.
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