The fraud trial of Sam Bankman-Fried began on Tuesday with voir dire, during which the judge stated that a complete jury should be selected by the end of the day or, at the latest, by Wednesday morning.
Bankman-Fried, the controversial crypto mogul who was once a billionaire and a prominent political megadonor leading up to the 2020 election, now stands accused of orchestrating a multi-billion-dollar fraud scheme. He appeared in a lower Manhattan court on Tuesday.
While he has been in custody, this marks his first criminal trial, nearly a year after the collapse of the crypto empire FTX.
Known more popularly as SBF in the crypto community, Bankman-Fried appeared in court wearing a coat and tie, with his hair neatly trimmed following a recent haircut.
The morning was dedicated to selecting a jury from a pool of 50 prospective jurors and disqualifying those with conflicts of interest or medical issues, in an effort to seat a 12-member panel and six alternates capable of rendering a fair judgment for both the defense and prosecution.
“The objective is to choose a jury of individuals who, regardless of their knowledge or lack thereof about the parties or the case, are willing and able to make a fair and impartial decision based solely on the evidence,” Senior United States District Judge Lewis Kaplan, serving on the United States District Court for the Southern District of New York, said.
Judge Kaplan dismissed several potential jurors, expressing confidence that a full jury of 12 individuals and six alternates would be seated by the end of the day or by Wednesday morning.
Before the jurors arrived, the judge addressed the 31-year-old crypto mogul, reminding him that the decision to testify or not was solely his.
“They can’t make that decision for you. It’s your call… You need to understand that,” Kaplan told SBF.
Prosecutor Nicolas Roos informed the court that the two sides had not discussed a potential plea deal, and no offer had been extended to Bankman-Fried. Mark Cohen, the crypto executive’s lawyer, confirmed this.
The trial, described as one of the most significant fraud trials in U.S. history, is expected to last up to six weeks.
Three former members of Bankman-Fried’s inner circle, referred to as his generals, who had previously pleaded guilty to fraud charges, are anticipated to provide their testimonies.
