The case of Sam Bankman-Fried (SBF), the founder of the failed cryptocurrency exchange FTX, opened on Tuesday (3rd), and he will have to wait longer to know which 12 to 18 New Yorkers will serve as the jury His fate, however, came as the presiding judge assured potential jurors that SBF would not face the death penalty.
SBF insists not guilty
SBF, on the other hand, is rumored to have not been involved in any discussions about plea bargaining before attending the trial. This type of plea bargain involves prosecutors offering a reduced sentence in exchange for the defendant pleading guilty. Despite this, SBF maintained its plea of not guilty throughout the preparations for the trial.
On the first day of the SBF trial, no jury was present when the trial was adjourned, with more than a dozen jurors absent.
Judge Lewis Kaplan said 50 people remained in the pool before the remaining candidates were not considered by the U.S. District Court for the Southern District of New York. On the morning of Wednesday (4th) US Eastern Time, the court will select 12 jurors and 6 alternate jurors. The judge said that opening arguments are expected to begin soon.
No handcuffs were worn in court this time.
SBF appeared in court on the 3rd. As in many previous court hearings, he was wearing a suit and had his signature curly hair, but unlike his last appearance, he was not handcuffed when he walked into the court. He spends most of his time discussing with lawyers using his laptop.
SBF is accused of committing what could be described as the largest financial fraud in history. The cryptocurrency company he founded, FTX, and sister company Alameda collapsed last November as customers scrambled to withdraw their funds, exposing an $8 billion gap in the companies' balance sheets. If convicted, he could face decades in prison.
The court hearing is likely to begin on Wednesday, before a jury is selected. The prosecution expects to spend about 25 minutes to 30 minutes making opening statements; the defense expects to spend 35 minutes to 40 minutes entering its plea. The first witnesses were expected to appear later in the day.
jury selection
Much of the first day of the trial on Tuesday was spent weeding out potential jurors based on their responses to general questions, such as religious beliefs, physical disabilities or participation in the trial, which is expected to last six weeks. factors that may complicate their financial situation. Several potential jurors revealed that they or their loved ones had lost money investing in cryptocurrencies, including one whose twin brother lost almost all his savings.
Judge Lewis Kaplan asked one of the potential jurors, "Did you make money or lose money?" He replied, "Losing money." Another said her fiancé put some of their money into cryptocurrency. The judge asked: "If you make a profit, should you pay compensation?" She responded: "A loss."
None of the potential jurors said they made money in cryptocurrency. One young man said he was fundamentally opposed to cryptocurrencies without explaining why; another insisted "I don't understand cryptocurrencies," despite his son's attempts to teach him.
The judge hinted that he "will not impose the death penalty"
Another juror told the judge that if the punishment for SBF included the death penalty, she might not be able to reach a guilty verdict.
Although in criminal cases, juries must make a judgment on the guilt or innocence of the defendant regardless of the severity of the sentence, the judge made an exception this time and assured the jurors that it is almost impossible to have a death sentence in financial crime cases.
Other issues include the potential bias that could arise from the use of cooperating witnesses - including SBF ex-girlfriend Caroline Ellison, early Alameda Research employee Nishad Singh, FTX co-founder Gary Wang - and whether the jury was strongly biased against the SBF charges.
Assistant U.S. Attorney Danielle Sassoon also named a number of other possible witnesses or people of interest to the case, including former top FTX executives Sam Trabucco, Ryne Miller, Ryan Salame and Mark Wetjen, as well as SBF parents Barbara Fried and Joseph Bankman.
In addition, federal prosecutor Nicholas Roos stated that a plea bargain (a plea bargain is an agreement reached between the defendant and prosecutors in criminal proceedings) has never been offered to the SBF.
Will SBF defend itself as a witness?
Before potential jurors entered, Judge SBF said, "You have the right to testify in your own defense in this case." Even so, SBF's lawyers didn't want him to.
It remains unclear whether SBF will testify in its own defense. He has always said he is innocent.
This article SBF case trial begins: The jury has not yet been finalized, and the judge is reported to have said "there will be no death penalty" first appeared on Blockchain.