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12 people will decide the fate of former FTX CEO Sam Bankman-Fried

45 prospective jurors were narrowed down to 12 after they were asked to discuss their background, employment, education, partners, children and their age.

A pregnant physician’s assistant, a train conductor, and a retired investment banker are reportedly among 12 individuals who will eventually decide on the fate of former FTX CEO Sam Bankman-Fried.

As per a report from Cointelegraph's on-the-ground reporter Ana Paula Pereira, the 12 jurors were narrowed down from a list of 45 on Oct. 4,  the second day of trial in Manhattan.

The potential jurors were each given a minute to introduce themselves by sharing their background, age, employment, education, relationship history, and children.

Cointelegraph reporter Pereira noted that one prospective juror said his wife worked for a law firm that provided services to FTX in the past — though it isn’t clear whether he was selected.

One prospective juror was reportedly excused after revealing she worked for a firm that invested in FTX and Alameda Research, according to Matthew Russell Lee from Inner City Press.

District Court Judge Lewis A. Kaplan then discussed jury selection with the prosecutors and Bankman-Fried’s defense lawyers before revealing the final 12 jury members about 15 minutes later.

Scenes from outside New York’s Supreme Court — a short walk away from where Bankman-Fried’s fraud trial is being held. Source: Cointelegraph

As per Oct. 4 reports from Bloomberg and TechCrunch, the final list or jurors shows the panel will be female-dominated, comprising nine women and three men.

Their ages range from the early 30s to the late 60s, and their professions span various industries, including health, financial, legal, IT, and education. Five of them are university-educated. The full list of jurors is below: 

  • A man, aged in his late 60’s, was an investment banker at a firm called Salomon Brothers. He completed his Master of Business Administration at Stanford University.
  • A man, aged 59, didn’t say what he does for work but says his company is currently being sued. It is understood the man has served as a jury member in the past.
  • A man, aged 61, works at the United States Postal Service. He has no wife or children and has served as a jury member in the past.
  • A woman, aged 39, currently works as a physician assistant and was once a medical missionary in the Dominican Republic. She’s 10 weeks pregnant, and married to a web developer.
  • A middle-aged woman, who once studied at Duke University and has experience working with non-profits and managing fundraisers.
  • A woman, aged 50, works as a train conductor. She’s a mother of five children. Two of the five children have reportedly been convicted of crimes.
  • A woman, aged 65, is a retired corrections officer.
  • A woman, aged 33, works as a nurse in Westchester, New York and reportedly studied at the State University of New York, Binghamton.
  • A woman, aged 40, is currently unemployed as a social worker and previously studied at Princeton University and Columbia University.
  • A woman, who works at a school in the Bronx, New York. She previously studied at the University of Buffalo and Syracuse University.
  • A woman, who works in advertising. She has an 18-year-old daughter and a 12-year-old son.
  • A woman, aged 55, working as a special education teacher in Rockland, New York.

Related: Sam Bankman-Fried FTX trial — 5 things you need to know

After the jury members were selected, a 15-minute opening statement was delivered by the prosecutors and defense. Testimonies from Marc Julliard — a Coca broker who lost about $80,000 to FTX — and Adam Yedidia — Bankman-Fried’s former close friend — were then heard before Judge Kaplan called it a day.

Bankman-Fried’s criminal trial is expected to take place over six weeks. He is facing seven fraud-related charges for his role as CEO in FTX’s shock collapse in November.

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5 highlights of Sam Bankman-Fried’s first day of trial

Potential jurors shared their mostly negative interactions with crypto investing, while a slim-figured former FTX CEO sat flanked by attorneys, noticeably void of his signature curly locks.

The high-profile trial of former FTX CEO Sam “SBF” Bankman-Fried kicked off on Oct. 3 with plenty of activity both inside and outside of the cramped Manhattan courtroom.

Journalists, crypto influencers and other gawkers reportedly gathered in a media overflow room to take notes on the day’s events. Here are some of the most colorful observations about the day.

Noticeably leaner, signature haircut gone

The defendant, Bankman-Fried, appeared noticeably leaner, according to multiple reports.

Flanked by five defense lawyers, he was dressed in a navy suit that seemed bigger on him in previous appearances, and his signature unkempt curly locks were subbed for a shorter hairstyle.

Unchained Crypto’s Laura Shin noted that Bankman-Fried was noticeably “less jittery than normal.”

“I did not see him shake his leg at all,” she said in an Oct. 3 podcast.

The only time he spoke was to say “yes” to the judge and occasionally look at the jurors. Other times, he conferred with his lawyers or was seen typing and scrolling on his air-gapped laptop.

SBF has spent the past seven weeks or so locked up at Brooklyn’s Metropolitan Detention Center. When his lawyers unsuccessfully argued for his release, they claimed that he was subsisting on “bread and water” and lacking vegan meal options.

Crypto influencer Tiffany Fong said, “He kind of looks more criminal now.”

Journalists, influencers and skeptics come to “crypto prom”

The first day of the trial was described as feeling like “the first day of school,” according to some journalists in attendance.

“I’ve never seen the courthouse like this,” remarked an unnamed member of the press, according to The Slate.

“While waiting to access the media overflow room, I spotted practically anyone and everyone who’s had something to say about decentralized currency over the last few years,” said The Slates’ Nitish Pahwa.

He described it as a “crypto prom” crammed with a hodgepodge of paid media participants, crypto influencers, obsessives, skeptics, and more.

Cointelegraph reporter Ana Paula Pereira is also in attendance and will give daily updates on the most significant developments throughout the trial.

Jurors get whittled down and some share sad crypto stories

Judge Lewis B. Kaplan told the burgeoning crowd of potential jurors “You are to do no research. You are not to read press coverage,” however, he lightened up when it came to questioning the crowd, reported Cointelegraph.

Potential jurors were asked if they had prior knowledge about FTX and Alameda, with one saying they learned about it from The Joe Rogan Experience podcast, according to a partial transcript from Inner City Press.

One juror said they worked with a company that invested in (and lost money on) FTX and Alameda. Another potential juror said:

“I invested in crypto. I lost money.”

One juror shared he wasn’t sure if he could be unbiased with crypto: “I've felt negatively about it since I learned about it.” He was later dismissed from the pool of potential jurors.

Another juror even asked the judge whether a death sentence could be imposed for Bankman-Fried, to which the judge answered:

“We'll get to it in a minute or two and my answer will have to suffice. Anyone unwilling to accept that punishment is up to the court? No one.”

At the end of the session, Judge Kaplan said “We now have a sufficient group of qualified jurors, 50.” He added that 18 will be selected in total comprising 12 jurors and 6 alternates.

He added that on the next day (Oct. 4) a microphone will be passed around for each juror to speak for a minute. “Then the lawyers will confer and the final selection will be made,” he concluded.

Witnesses for the prosecution

An assistant U.S. attorney read out a list of potential witnesses for the prosecution. This included some expected names such as former company executives like Caroline Ellison, Gary Wang, Nishad Singh, Ryne Miller, Constance Wang, family members Joe Bankman and Barbara Fried and even Anthony Scaramucci.

Several institutions were also listed including Jane Street Capital, Sequoia Capital, BlockFi, Genesis, the Ontario Teachers’ Pension Plan, Binance, Nexo, Guarding Against Pandemics (the nonprofit of SBF’s brother), and Voyager Digital.

Six-week trial expected

Judge Kaplan said that the trial was expected to take about six weeks, but he also noted that could be over in a much shorter time.

Related: What has Sam Bankman-Fried been up to in jail?

However, by the end of the day, he had not succeeded in finalizing the jury. Kaplan predicted that this would be completed by the morning of Oct. 4, after which both sides are expected to give opening arguments totaling around 90 minutes.

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FTX founder Sam Bankman-Fried criminal trial schedule revealed

In a hearing, Assistant U.S. Attorney Danielle Kudla said the Department of Justice estimated the case could last four to five weeks.

Former FTX CEO Sam Bankman-Fried will spend at least 21 days in court as part of his criminal trial, which will begin in earnest on Oct. 4 and last until Nov. 9, according to a newly released trial calendar posted to the public court docket.

The burgeoning trial calendar, released on Sept. 28, begins on Oct. 3 with jury selection. The first official date of the Bankman-Fried trial is Oct. 4, where they will begin discussing seven fraud charges laid against him.

There are two substantive charges where the prosecution must convince a jury that Bankman-Fried had committed the crime. Five other “conspiracy” charges involve the prosecution convincing a jury that Bankman-Fried planned to commit the crimes.

There are 15 full trial days in October and another six in November. The court will not be in session between Oct. 20 and Oct. 25 and on weekends. Public holidays also fall on Oct. 9 and Nov. 10 and there is also no trial slated for Nov. 3.

United States vs. Sam Bankman-Fried trial calendar. Source: Courtlistener

The former FTX CEO has been serving pre-trial detention at the Metropolitan Detention Center since Aug. 11. Through his attorneys, Bankman-Fried has filed numerous motions for temporary release to prepare for his upcoming trial.

His latest attempt was knocked back again on Sept. 28 by U.S. District Judge Lewis Kaplan, suggesting Bankman-Fried might be a flight risk, given his young age and a “very long sentence” if convicted.

“If things begin to look bleak … maybe the time would come when he would seek to flee.”

However, Kaplan said that he was sympathetic to the defense’s concerns, and has granted Bankman-Fried permission to arrive at court at 7am local time on most trial days to speak with his lawyers before testimony begins.

Related: Sam Bankman-Fried’s temporary release request denied as trial date looms

During the hearing on Sept. 28, assistant U.S. attorney Danielle Kudla said the Department of Justice estimated the case could last four to five weeks.

SBF, who pleaded not guilty to seven counts of fraud and conspiracy following the collapse of FTX, faces a statutory maximum of 110 years in prison.

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US Government Slams Sam Bankman-Fried’s Lawyers for Proposed Questions to Court Jurors

US Government Slams Sam Bankman-Fried’s Lawyers for Proposed Questions to Court Jurors

The US Government is countering the attorneys of former FTX chief executive Sam Bankman-Fried, saying that they’re asking jurors “unnecessarily intrusive” questions. In a new filing, Bankman-Fried’s lawyers proposed asking jurors various questions, such as if they’ve ever heard of the former CEO or his companies, formed opinions on him or the businesses or if […]

The post US Government Slams Sam Bankman-Fried’s Lawyers for Proposed Questions to Court Jurors appeared first on The Daily Hodl.

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SBF’s lawyers want to quiz jurors on crypto, altruism and ADHD

U.S. prosecutors, meanwhile, want to ask prospective jurors their beliefs on how cryptocurrency should be regulated.

Potential jurors in the upcoming criminal trial of former FTX CEO Sam Bankman-Fried could be asked their thoughts on crypto, effective altruism and attention-deficit disorder as his lawyers want to weed out those they consider unsuitable.

In court filings on Sep.11, Bankman-Fried’s lawyers and United States prosecutors separately filed their lists of proposed questions they wish to ask prospective jurors in the trial slated for Oct. 3.

Bankman-Fried wants to know if prospective jurors have invested in cryptocurrency, and if so, if they lost money or otherwise have a negative opinion on the industry.

In another question, the FTX co-founder is interested to know whether a juror would attribute a crypto firm’s failure to its owners, and if so, why.

Cryptocurrency-related questions proposed by Bankman-Fried’s lawyers to prospective jurors. Source: CourtListener

Bankman-Fried also wants prospective jurors' thoughts on “effective altruism” — a charitable philosophical movement which Bankman-Fried built his reputation on.

Other questions concern if jurors think it’s “wrong” to donate large sums of money to political candidates and lobbyists to further their own interests along with detailing any personal or professional experience with an ADHD-medicated person.

As part of standard procedure, Bankman-Fried intends to ask if prospective jurors have read about him, have formed an opinion on his guilt or innocence or if they’ve expressed an opinion about Bankman-Fried, FTX or Alameda Research.

U.S. prosecutors wish to ask prospective jurors on their familiarity with FTX and its affiliates, whether they or a friend or family member have invested or worked in the crypto space and what role they believe the U.S. government should play in regulating the industry.

Related: Sam Bankman-Fried is low on meds, living on $3 peanut butter in prison

Prosecutors also want to ask whether jurors have ever lost money from an investment due to fraudulent conduct.

On Sept. 12, U.S. District Court Judge Lewis Kaplan denied Bankman-Fried’s request for temporary release ahead of his Oct. 3 trial, ruling that a poor internet connection inside the prison wasn’t a sufficient ground to grant his release.

Bankman-Fried pleaded not guilty to all seven fraud-related charges regarding his involvement in FTX’s collapse in November. He faces a separate criminal trial on additional charges in March next year.

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Report: Former FTX Director of Engineering Nishad Singh Negotiating Plea Deal with Prosecutors 

Report: Former FTX Director of Engineering Nishad Singh Negotiating Plea Deal with Prosecutors Another member of Sam Bankman-Fried’s inner circle allegedly plans to plead guilty to criminal charges for his role in the alleged fraud that occurred at the cryptocurrency exchange FTX. According to unnamed sources familiar with the matter, Nishad Singh, FTX’s former director of engineering, is attempting to negotiate a deal with New York prosecutors. Sources […]

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Ripple CEO: XRP lawsuit resolved by June, SEC conduct ’embarrassing’

Ripple CEO Brad Garlinghouse said the firm's XRP lawsuit could come to an end within "single-digit months."

Ripple CEO Brad Garlinghouse expects the firm’s long-running dispute with the Securities Exchange Commission (SEC) will be finalized within “single-digit months” and remains confident in securing a favorable outcome.

Speaking to CNBC on Jan. 18 at the World Economic Forum in Davos, Switzerland, Garlinghouse said the verdict could come as soon as June this year now that both parties have “fully filled and fully briefed” their arguments before the U.S. District Court:

“We expect a decision from a judge certainly in 2023. You don’t really have control over when a judge makes their decisions. But I’m optimistic that sometime in the coming single digit months we’ll have closure there.”

While Garlinghouse and investors believe the facts, law and the court will ultimately side with Ripple, the Ripple CEO also took the opportunity to ridicule the SEC’s “embarrassing” behavior displayed throughout the lawsuit, noting:

“The SEC’s behavior in some of it has been embarrassing as a U.S. citizen. Just some of the things that have been happening, like you’ve got to be kidding."

Garlinghouse also argued the firm was betrayed by the regulator, as it filed the lawsuit despite their efforts to meet with them on three separate occasions seeking regulatory clarity:

“Not once did they say to me we think XRP may be a security. So to later go back and say hey the whole time we thought XRP was a security we just didn’t tell you… that doesn’t feel like a genuine partnership between public sector and private sector.”

While noting that the outcome of the case also has huge implications for the cryptocurrency industry, Garlinghouse reiterated that Ripple would only settle if it was made clear that XRP is not a security.

However, “the SEC and Gary Gensler has very outwardly said he views almost all crypto as a security” Garlinghouse said, “so that leaves very little space in the Venn diagram for settlement,” he added.

Garlinghouse speaking with CNBC at the World Economic Forum in Davos, Switzerland. Source: CNBC.

Garlinghouse added that the U.S. SEC should take note from some of the more crypto-friendly countries who are piecing together more “positive” regulation that doesn’t stifle innovation.

Among the countries he spoke highly of included the the United Arab Emirates, Japan, Singapore, Switzerland and the U.K.

Related: Ripple files final submission against SEC as landmark case nears end

The lawsuit was initiated by the SEC in December 2020, claiming that Ripple illegally sold its XRP token as an unregistered security.

Ripple has long disputed the claim, arguing that it doesn’t constitute an investment contract under the Howey test.

Should the two sides fail to settle, the New York-based District Court will either make a standalone ruling or put the matter before a jury in a trial.

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