Latest Reports on SBF Trial

Sam Bankman-Fried, the once CEO of crypto company FTX, is in court, and two very different stories about him are being told. 

On one side, the people taking him to court say his wealth was built on untruths, and on the other side, his lawyers say he was acting honestly. His lawyers also partly blame Caroline Ellison, ex-boss of a related trading company and Sam’s one-time girlfriend, for the troubles.

The judge, Lewis A. Kaplan, compared the opening statements to movie trailers, hinting at a drama-filled case to come.

Caroline Ellison seems to be a key person in this trial. The prosecutors said she will tell the court how she and Bankman-Fried “stole money together." Ellison, who had legal troubles of her own and admitted to some criminal charges last year, is now helping the authorities.

If found guilty, Bankman-Fried might spend many years in prison. He is accused of, among other things, using customer money for bad investments. His company, FTX, went bankrupt recently.

Choosing the people who will decide Sam’s fate took time, about one and a half days. The jury consists of nine women and three men, some of whom have studied at prestigious universities. One man on the jury might have to miss visiting his daughter due to the trial.

Sam, seen in court in a poorly fitting suit and a new haircut, was mostly quiet, using his laptop and talking to his lawyers during the trial’s first days.