Former FTX CEO Sam "SBF" Bankman-Fried's criminal trial is set to begin on October 4 and is scheduled to run until September 9, 2023, as per the newly released trial calendar. The process will entail at least 21 days in court for Bankman-Fried. Jury selection is slated to commence on October 3, marking the start of official proceedings.
During the trial, Bankman-Fried will be facing seven fraud charges, consisting of two substantive charges that require prosecutors to prove he committed the crimes and five conspiracy charges where the prosecution must demonstrate his intent to commit the offenses.
The trial will span 15 full days in October, with an additional six full days in November. The court won't be in session from October 20 to 25, on weekends, or on specific dates like October 9 and November 10, which are public holidays. There will be no trial on November 3.
Bankman-Fried has been in pretrial detention at the Metropolitan Detention Center since August 11. Despite multiple attempts through his legal team to secure temporary release for trial preparation, his latest request was denied by U.S. District Judge Lewis Kaplan on September 28. Judge Kaplan cited concerns about Bankman-Fried potentially being a flight risk due to his age and the prospect of a lengthy prison sentence if convicted.
However, Judge Kaplan did allow Bankman-Fried to arrive at court at 7 a.m. local time on most trial days to confer with his attorneys before proceedings begin. During the hearing on September 28, Assistant U.S. Attorney Danielle Kudla estimated that the case might span four to five weeks.
Following the downfall of FTX, Bankman-Fried has pleaded not guilty to seven counts of fraud and conspiracy, facing a maximum statutory sentence of 110 years in prison if convicted.
