NEW YORK, NEW YORK - OCTOBER 3: Cristian Everdell, Sam Bankman-Fried's attorney, arrives at federal court for the first day of trial on October 3, 2023 in New York City. Bankman-Fried has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of the crypto exchange he founded, FTX.
The first day of Sam Bankman-Fried's trial began with proceedings in a courtroom in the Southern District of New York.
Federal district judge Lewis Kaplan presided over the case, which involved seven serious counts. US officials said they had not given the defendant, who is the founder of the cryptocurrency exchange FTX, any plea offers, according to TechCrunch.
The jury selection phase of the trial laid the groundwork for what is anticipated to be a six-week legal fight. The judge, the attorneys, and possible jurors were speaking quietly in the courtroom as the mood remained somber. With a coat and tie and a more trim look, Sam Bankman-Fried stood out from his typical appearance.
Judge Wants to Speed Up Trial
Judge Kaplan expressed hope that the trial would be over by Thanksgiving and expressed confidence that it would be over in less than six weeks. Judge Kaplan changed his mood to friendlier and upbeat, despite the seriousness of the accusations against Sam Bankman-Fried.
In his remarks to potential jurors, Kaplan stressed the need to refrain from using technological devices for news gathering or research during the trial. Some prospective jurors disclosed prior knowledge of the case via news, podcasts, and other media, demonstrating how well-publicized the trial was.
Judge Kaplan expected to select a jury of 12 and six alternates by the end of the day or early the following morning. Although the trial got off to a sluggish start, Judge Kaplan's determination did not seem to be affected, accordng to NBC News.
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At the beginning of the trial, Judge Kaplan spoke directly to Sam Bankman-Fried and emphasized that the defendant had complete discretion over whether or not to testify. Bankman-Fried might signal his determination to testify by standing up in court, the federal judge said.
Cooperating witnesses are anticipated to testify throughout the trial, including Bankman-Fried's ex-girlfriend Caroline Ellison and old high school classmate and MIT roommate Gary Wang. In December, Ellison and Wang both entered guilty pleas to a number of counts, and they have since been helping the U.S. attorney's office.
Sam Bankman-Fried's Counsel to Question Witnesses' Crediblity
Reuters reported that the defense team for Sam Bankman-Fried intends to cast doubt on the reliability of these witnesses by alleging that they may be seeking to accuse him to receive a lighter punishment, which is a frequent tactic in white-collar fraud cases. Additionally, they contend that Bankman-Fried thought his exchange had the right to invest client funds as long as withdrawals were permitted, pointing out that financial issues were caused by failing businesses rather than willful fraud.
Sam Bankman-Fried has been held in custody since August 11 as a result of accusations of tampering with witnesses. Most days, he will be taken to court early to meet with his defense counsel.
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