• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Sam Bankman-Fried’s fraud trial gets under way with jury selection
Business

Sam Bankman-Fried’s fraud trial gets under way with jury selection

October 3, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

[1/6]Sam Bankman-Fried sits beside his defense lawyer Christian Everdell on the first day of his fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 3, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg Acquire Licensing Rights

NEW YORK, Oct 3 (Reuters) – Sam Bankman-Fried’s fraud trial got under way with jury selection on Tuesday, nearly a year after his now-bankrupt cryptocurrency exchange’s collapse shocked markets and tattered his reputation.

U.S. District Judge Lewis Kaplan told a group of 50 prospective jurors gathered in a courtroom on the top floor of a federal courthouse in lower Manhattan that he would ask them questions to try to seat a panel of 12 jurors and six alternates that could be fair to both prosecutors and the defense.

“The object is to select a jury of individuals who no matter what they may know or not know about these parties or about this case are willing and able to decide this case in a manner that’s fair and impartial to both sides based solely on the evidence,” Kaplan said.

Federal prosecutors say Bankman-Fried embezzled from FTX customers since its founding in 2019 until its November 2022 bankruptcy in order to prop up his hedge fund Alameda Research, buy luxury properties and donate more than $100 million to U.S. political candidates.

At the outset of proceedings, Kaplan told the 31-year-old former billionaire in open court that it would ultimately be his decision whether to ultimately testify in his own defense, and asked Bankman-Fried whether he understood.

See also  Large clinical trial identifies best strategy to prevent life-threatening health care-associated ICU infections

“Yes,” Bankman-Fried replied. He was dressed in a suit and striped tie, with his once signature curly, unkempt hair cut into a neater trim.

He stood and smiled for the prospective jurors after Kaplan asked him to rise so they could see if they knew him personally.

During nearly two hours of questioning, Kaplan excused 22 jurors who said they could not serve on the case, many due to professional or personal obligations. He said jury selection would likely finish by the end of the day, paving the way for opening statements on Wednesday.

One prospective juror said the company they worked for, Insight Partners, lost money from its investments in FTX and Alameda but believed they could decide the case “on the basis of the facts.” The juror was not dismissed, though further questioning is expected in the afternoon.

Insight Partners, a venture capital firm focused on technology, invested in FTX in 2019, according to private market data provider pitchbook. The company did not immediately respond to a request for comment.

Earlier, prosecutor Nicolas Roos said the two sides never engaged in talks about a potential plea deal and no such offer was made to Bankman-Fried. Mark Cohen, a lawyer for Bankman-Fried, confirmed that was correct.

Bankman-Fried has pleaded not guilty to seven counts of fraud and conspiracy. He has acknowledged inadequate risk management, but denied stealing funds. His lawyers have signaled in court papers they plan to argue that FTX’s treatment of customer funds were proper, and that others at FTX and Alameda bore the bulk of the blame for their failure.

See also  Senate Dems Write Letter Calling On DOJ To Unite With FTC Against Fossil Fuel Companies

The trial is expected to last up to six weeks. It will feature testimony from three former members of Bankman-Fried’s inner circle who have pleaded guilty to fraud charges themselves and agreed to cooperate with the Manhattan U.S. Attorney’s office.

Bankman-Fried’s lawyers have signaled they plan to challenge the credibility of those witnesses – who include former Alameda chief Caroline Ellison and former FTX executives Gary Wang and Nishad Singh – by arguing they are motivated to implicate their client to get a lower sentence, a common strategy in white collar fraud cases.

They have also laid the groundwork to argue that Bankman-Fried believed his exchange was allowed to invest customers’ deposits as long as they were ultimately able to take out their funds, and that a series of business failures – not deliberate fraud – left the exchange without enough money to meet withdrawal requests.

Bankman-Fried has been detained since Aug. 11, after the judge found he had likely engaged in witness tampering – including by sharing Ellison’s personal writings with a reporter. Ellison and Bankman-Fried are former romantic partners.

He will be brought to court early on most days to allow him to prepare with his lawyers.

Reporting by Jody Godoy and Luc Cohen in New York; Editing by Amy Stevens, Lincoln Feast and Nick Zieminski

: .

Acquire Licensing Rights, opens new tab

Jody Godoy reports on banking and securities law. Reach her at jody.godoy@thomsonreuters.com

Reports on the New York federal courts. Previously worked as a correspondent in Venezuela and Argentina.

BankmanFrieds Fraud Jury Sam Selection trial
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Simulated War Games Sink U.S. Carrier Group

May 27, 2023

Don Lemon Trying to Woo His Way Onto ‘The View’: Sources

August 9, 2023

Man Accused In $83.6 Million Fraudulent COVID-19 Testing Scheme Out On Bond

March 18, 2023

Environment Activists Smear Paint On Monet Artwork In Stockholm

June 14, 2023
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Jimmy Butler Shows Up for Heat Media Day with Painted Nails, New Hairdo, Lip, Nose, Eyebrow Rings

October 3, 2023

BJP Member Caught Urinating on Tribe Member on Video

July 7, 2023

Vatican Slams ‘Inhuman’ U.S. Southern Border Fence

August 26, 2023
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.