A calendar has been set for the upcoming trial of United States v. Bankman-Fried, with jury selection beginning October 3, 2023. The FTX founder, Sam Bankman-Fried, was denied temporary release from prison but will be allowed to use an “air-gapped,” internet-disabled laptop for note-taking in the courtroom. In the coming month and a half, the public will likely hear testimonies from FTX senior personnel such as Zixiao (Gary) Wang, Caroline Ellison, Nishad Singh, and Ryan Salame.
The Bankman-Fried Trial Kickoff
Next week, the co-founder and former FTX CEO Sam Bankman-Fried is set to face trial following charges leveled by the U.S. government. The litany of accusations against him includes wire fraud conspiracy, wire fraud, commodities fraud conspiracy, securities fraud conspiracy, and money laundering.
The charges are associated with FTX’s collapse after the once-$32 billion crypto empire failed in November 2022. Bankman-Fried is the only one named in the lawsuit and on September 28, the trial’s calendar was set.
Bankman-Fried will kick off his week with jury selection, slated to commence on Tuesday, October 3, 2023, with the trial unfolding on Wednesday, Thursday, and Friday. Following a pause for Columbus Day, proceedings will resume on October 10, continuing each business day thereafter.
A brief hiatus is scheduled for October 23, 24, and 25, yet the court will reconvene on the 26th and 27th. Currently, the trial agenda extends through November 9, 2023, though there’s potential for an extension.
Throughout the trial, Bankman-Fried will have the privilege to use an “air-gapped,” internet-disabled computer for note-taking during his hearings. A technological consultant will orchestrate the “air-gap” procedure and disable the laptop’s network connectivity.
This arrangement, including the authorization to utilize an air-gapped computer, comes after Bankman-Fried’s legal counsel petitioned the court for the temporary release of the FTX co-founder for the trial. Judge Lewis Kaplan, however, rebuffed the request, ensuring Bankman-Fried’s continued stay behind bars.
Bankman-Fried certainly has a hefty load of explanation ahead, a task he embarked on before his arrest in the Bahamas during a comprehensive media tour. As the trial unfolds, he may find himself up against the testimonies of four former colleagues — specifically Caroline Ellison, Gary Wang, Nishad Singh, and Ryan Salame.
Ellison, once at the helm of Alameda Research, entered a guilty plea to federal fraud charges in December 2022. Wang, a co-founder of FTX, admitted to fraud alongside Ellison. Nishad Singh, a former engineering director at FTX, succumbed to similar charges, tendering a guilty plea in February 2023.
Ryan Salame, the former co-CEO of FTX Digital Markets, acknowledged guilt in September 2023. The 30-year-old founder, Bankman-Fried, could face a lengthy 115-year prison term if convicted.
He’s presently held at Brooklyn’s Metropolitan Detention Center (MDC), where it’s been reported he’s had challenging interactions with both fellow inmates and correctional officers. Bankman-Fried’s case is shaping up to be one of the largest corporate missteps since the Bernie Madoff trial.
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