- The judge has announced a jury for Sam Bankman-Fried’s trial.
- Lawyers selected the jurors from a random pool of eligible citizens with different backgrounds.
- Jurors will be placed under certain restrictions for the duration of the trial.
The trial of disgraced FTX founder Sam Bankman-Fried (SBF) kicked off in earnest on Tuesday, October 3, in a Manhattan federal court. The former crypto cover boy faces over 115 years in prison for multiple charges of fraud and conspiracy in the wake of his crypto empire’s collapse.
On Wednesday, October 4, the second day of the trial, Judge Lewis Kaplan announced the selection of 12 jurors and six alternates, including a 47-year-old librarian and a 39-year-old nurse, to decide the fate of the former FTX CEO.
The Jury Selection Process
A jury is a group of people bound by oath to hear evidence and deliver an impartial verdict. This group typically comprises 12 persons judged by both the defense and prosecution to be able to maintain neutrality from a random pool of eligible citizens. The Bankman-Fried case was no different.
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The jury selection process began on October 3 with an initial pool of 50 persons, including persons with I.T. experience, experience in the financial sector, investors, construction workers, librarians, and more. This number had been reduced by the start of proceedings on October 4, as some candidates disclosed other engagements or expressed conflicts during the screening process.
On day two, the voir dire continued as lawyers asked potential jurors standard questions about their age, education, job, living arrangements, etc.
Among those screened today was a 55-year-old man whose wife is a partner at Holland & Knight, a firm representing FTX and Alameda. Laughter erupted in the courtroom after he disclosed that he had discussed the case with his wife the night before. A Westchester resident and wife to a tax lawyer announced that she had already arrived at a verdict.
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Jurors are typically placed under multiple restrictions to ensure they remain impartial in their deliberations and in delivering their verdict, as will be the case in the Bankman-Fried trial, expected to run for six weeks.
Restrictions on the Jury
For the duration of the Sam Bankman-Fried trial, jurors will be restricted from conducting personal investigations on the case or sourcing material from external sources like the Internet.
Parties to the case, including lawyers and witnesses, will not be allowed to speak to jurors outside the courtroom, as this would constitute jury tampering, punishable in most states by at least one year in prison. Additionally, jurors are expected to keep details of deliberations confidential till a verdict is released.
Proceedings on the second day of the disgraced FTX founder’s trial will be concluded by opening statements from the prosecution and the defense. Bankman-Fried continues to plead not guilty in the case.
On the Flipside
- It remains to be seen whether the jury’s knowledge or lack thereof of the crypto space will affect the case outcome.
- While Sam Bankman-Fried continues to plead not guilty, many of his associates have turned state’s evidence.
Why This Matters
Millions of FTX customers have been unable to access their deposits in the wake of the exchange’s collapse, with some losing their life savings. Bankman-Fried is accused of perpetrating fraud by mishandling these customer deposits and misrepresenting the exchange’s financial health, together with other past FTX executives. The 18 people selected today will decide the former FTX CEO’s fate.
Read this to learn more about the happenings on day one of the FTX trial:
Sam Bankman-Fried Trial Starts: Key Updates on Crypto Case of the Century
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