Lewis A. Kaplan

FederalFederal Criminal TrialOct 3, 2023 – Nov 2, 2023

Presided over the trial’s witness testimony, evidentiary issues, defendant-testimony matters, jury instructions, and verdict proceedings. His questions also sought clarification of financial-account, collateral, credit-line, database, and code testimony.

Day 1

Oct 3, 2023

ProceduralPretrial Matters Before Jury Selection2highlights26lines spoken

Summary

The court deferred a decision on a possible remote Ukrainian witness, advised Samuel Bankman-Fried of his personal right to testify, and addressed voir dire and other trial-opening matters.

Highlights (2)

Quote“There is no reason not to do that, so we will entertain this down the road.”— Lewis A. KaplanThe court deferred its decision on the proposed remote witness rather than resolving the request before other customer testimony was heard.Open in transcript →

Quote“You have the right to testify in your own defense in this case, and the decision as to whether or not you testify is a decision solely for you.”— Lewis A. KaplanThe court directly advised the defendant that the choice whether to testify was personal to him and could not be made by counsel.Open in transcript →

Day 2

Oct 4, 2023

Jury InstructionJury Impanelment and Preliminary Instructions5lines spoken

Summary

The court swore the jury and instructed it on evidence, credibility, the presumption of innocence, the government's burden, the seven charges, juror conduct, and the trial's expected sequence.

ProceduralExhibit Admissibility HearingMarc-Antoine Julliard13lines spoken

DirectMarc-Antoine Julliard — DirectMarc-Antoine JulliardDanielle Kudla37lines spoken

Summary

Marc-Antoine Julliard testified that FTX's reputation and November 2022 assurances influenced his decisions to deposit substantial funds and delay withdrawing them, after which his withdrawal requests were never processed.

CrossMarc-Antoine Julliard — CrossMarc-Antoine JulliardMark S. Cohen12lines spoken

Summary

The defense elicited that Julliard understood cryptocurrency was risky, could not recall reviewing FTX's terms, did not base his decision on particular advertisements, and had no direct contact with Samuel Bankman-Fried.

ProceduralWitness Disclosure DiscussionMarc-Antoine Julliard11lines spoken

DirectAdam Yedidia — DirectAdam YedidiaDanielle R. Sassoon27lines spoken

Summary

Adam Yedidia described his close relationship and work history with Sam Bankman-Fried, his resignation after learning Alameda had used FTX customer deposits to repay creditors, his immunity concerns, and FTX's marketing, website, and shared Bahamas residence.

ProceduralMedication Access Request8lines spoken

Summary

Defense counsel raised missed Adderall doses and their asserted effect on Mr. Bankman-Fried's focus; the court directed counsel to contact the Bureau of Prisons and confirmed an existing early-production order.

Day 3

Oct 5, 2023

DirectAdam Yedidia — DirectAdam YedidiaDanielle R. Sassoon49lines spoken

Summary

Adam Yedidia explained how Alameda received and tracked FTX customer fiat deposits, testified that a corrected code bug revealed an approximately $8 billion liability, and described Bankman-Fried's knowledge, Signal auto-deletion policy, and response to concerns about the debt.

CrossAdam Yedidia — CrossAdam YedidiaChristian R. Everdell87lines spoken

Summary

Yedidia's cross-examination explored his limited financial role, FTX's controls and growth, his immunity and government preparation, the fiat-account bug, the approximately $8 billion liability remaining after correction, and the secondhand information that prompted his resignation.

RedirectAdam Yedidia — RedirectAdam YedidiaDanielle R. Sassoon11lines spoken

Summary

Yedidia distinguished knowing about Alameda's $8 billion liability from knowing customer funds had been spent, explained his "not bulletproof" interpretation and resignation, and addressed FTX spending, luxury housing, compensation, and the limits of his pre-November knowledge.

DirectKungyu Matthew Huang — DirectKungyu Matthew HuangThane Rehn16lines spoken

Summary

Paradigm co-founder Kungyu Matthew Huang testified about FTX's investor representations, undisclosed risks involving Alameda and customer deposits, the financial information Paradigm reviewed, and an investment totaling about $278 million that Paradigm later marked to zero.

CrossKungyu Matthew Huang — CrossKungyu Matthew HuangDavid F. Lisner25lines spoken

Summary

Defense counsel tested Paradigm's diligence and known concerns about FTX's lack of a board, while the court limited investor-gullibility questioning and rejected the defense's characterization of Huang as an effective expert.

sidebarCross-Examination of Exchange TestimonyDuring Kungyu Matthew Huang — Cross8lines spoken

Summary

Defense counsel discussed the permissible scope of cross-examining a witness about exchanges and markets after characterizing portions of his direct testimony as lay expert testimony.

DirectGary Wang — DirectGary WangNicolas Roos34lines spoken

Summary

Gary Wang admitted participating in financial crimes and testified that Bankman-Fried directed undisclosed FTX code privileges allowing Alameda to withdraw customer assets into an $8 billion deficit and use a $65 billion line of credit.

Day 4

Oct 6, 2023

DirectGary Wang — DirectGary WangNicolas Roos114lines spoken

Summary

Gary Wang testified that Alameda received undisclosed code privileges and a line of credit exceeding $65 billion, used customer funds, accumulated multibillion-dollar shortfalls, and remained central to FTX's withdrawal crisis and post-bankruptcy asset transfers.

CrossGary Wang — CrossGary WangChristian R. Everdell27lines spoken

Summary

The defense presented operational reasons for Alameda's special FTX account features, while Wang confirmed their scale, described relying on Sam's judgment about Alameda borrowing, and clarified customer-fiat and stablecoin mechanics.

Day 5

Oct 10, 2023

CrossGary Wang — CrossGary WangChristian R. Everdell70lines spoken

Summary

The defense used Alameda balance calculations, promissory notes, Wang's earlier statements, and his cooperation history to argue for solvency and operational explanations while challenging his credibility and incentive to assist prosecutors.

RedirectGary Wang — RedirectGary WangNicolas Roos42lines spoken

Summary

Gary Wang testified that Alameda's special privileges supported billions in non-market-making withdrawals, its balance depended partly on illiquid FTT, and he admitted crimes with Bankman-Fried before obtaining a cooperation agreement.

sidebarExhibit 545 Time-Zone ObjectionDuring Gary Wang — Redirect8lines spoken

Summary

The defense raised a time-zone concern about Exhibit 545, and counsel also asked when to submit letters concerning the next day's testimony.

colloquyCourt's Examination of Gary WangGary Wang20lines spoken

Summary

The court questioned Gary Wang about a $35 million promissory note, the uncertain investment behind it, whether Wang received any proceeds or assets, and Alameda Research's ownership.

colloquyCourt's Examination of Gary WangGary Wang8lines spoken

Summary

The court clarified Wang's indirect interest in an Alameda investment and elicited his uncertain recollection of Sam's explanation for why he signed the note.

DirectCaroline Ellison — DirectCaroline EllisonDanielle R. Sassoon87lines spoken

Summary

Caroline Ellison admitted crimes involving FTX customers and Alameda lenders, attributed major decisions to Sam, and used contemporaneous records to explain Alameda's special access to customer assets, lender balance sheets, FTT practices, and investment risks.

Day 6

Oct 11, 2023

DirectCaroline Ellison — DirectCaroline EllisonDanielle R. Sassoon58lines spoken

Summary

Ellison testified that Alameda repaid recalled loans with FTX customer assets, concealed customer borrowing in lender balance sheets selected by Sam, and used disappearing communications; she also described qualified, contested testimony about payments made during efforts to unfreeze exchange accounts.

Jury InstructionLimiting Instruction on China Evidence12lines spoken

Summary

The court barred a question seeking Caroline Ellison's conclusion about a payment recipient and instructed the jury to consider the China-related evidence only for trust and motive, not as proof of a charged bribery crime.

DirectCaroline Ellison — Direct ResumedCaroline EllisonDanielle R. Sassoon121lines spoken

Summary

Ellison used internal records and public statements to describe concealment of Alameda's use of FTX customer funds, misleading crisis messaging, an internal multibillion-dollar shortfall, and her guilty pleas and cooperation incentive.

sidebarLimits on Chat Exhibit StatementsDuring Caroline Ellison — Direct Resumed8lines spoken

Summary

The parties discussed how the jury could consider statements by three participants in a chat exhibit.

sidebarDefendant’s Reactions During TestimonyDuring Caroline Ellison — Direct Resumed14lines spoken

Summary

Counsel disputed whether the defendant was visibly reacting to the witness’s testimony and whether those reactions could affect her.

sidebarExhibit 39A Admissibility DisputeDuring Caroline Ellison — Direct Resumed15lines spoken

Summary

The parties disputed whether 23 paragraphs concerning the Alameda-Modulo relationship were relevant or cumulative and whether their probative value was substantially outweighed under Rule 403.

CrossCaroline Ellison — CrossCaroline EllisonMark S. Cohen4lines spoken

Summary

Ellison agreed that customer and Alameda-originated dollars occupied the same bank accounts, said outgoing transfers were tracked, and clarified confusion between bank and FTX website accounts.

ProceduralPost-Jury Evidentiary and Exhibit Matters37lines spoken

Summary

The court barred proposed portfolio-investing questions during Ellison's cross-examination, left open a later qualified-witness proffer, and reserved decision on questioning about counsel's involvement in auto-deletion policies.

Day 7

Oct 12, 2023

CrossCaroline Ellison — CrossCaroline EllisonMark S. Cohen144lines spoken

Summary

Ellison's cross-examination tested her cooperation incentive, credibility, and responsibility for Alameda while she reaffirmed concerns about undisclosed customer-fund borrowing, lender balance sheets, accounting failures, and the November 2022 wind-down.

sidebarCross-Examination on Alameda DisputeDuring Caroline Ellison — Cross6lines spoken

Summary

Counsel disputed whether cross-examination could explore the witness's view of an Alameda employee dispute after testimony suggesting the defendant had misled her.

sidebarAdmissibility of Defense Exhibit 10During Caroline Ellison — Cross15lines spoken

Summary

Counsel disputed whether DX-10 or a selected passage was admissible as a business record, evidence of state of mind, or impeachment concerning Caroline Ellison's role at Alameda.

sidebarQuestion About Terms-of-Service DiscussionsDuring Caroline Ellison — Cross13lines spoken

Summary

Counsel debated whether the witness could be asked whom she consulted about FTX's terms of service and how those discussions affected her understanding.

RedirectCaroline Ellison — RedirectCaroline EllisonDanielle R. Sassoon10lines spoken

Summary

Ellison defended her all-hands account, attributed the customer-fund shortfall to repayment of Alameda's loans, explained disputed financial presentations, and identified unpaid customer borrowing as the main cause of FTX's collapse in her view.

ProceduralEvidentiary Hearing on All-Hands Meeting Clips54lines spoken

Summary

The court allowed six government all-hands meeting clips at least as prior consistent statements, rejected defense clip 415A-T, and allowed defense clip 415B-T to follow them.

DirectChristian Drappi — DirectChristian DrappiDanielle Kudla54lines spoken

Summary

Alameda engineer Christian Drappi testified about Bankman-Fried's continuing access and trading influence, recounted Ellison's November 2022 shortfall disclosures, authenticated the all-hands recordings and transcripts, and said he resigned within 24 hours.

sidebarFoundation and Cumulative Evidence ObjectionDuring Christian Drappi — Direct10lines spoken

Summary

The parties disputed whether a low-level employee’s observations about Sam Bankman-Fried’s control were adequately founded or unnecessarily cumulative corroboration.

CrossChristian Drappi — CrossChristian DrappiChristian R. Everdell15lines spoken

Summary

Cross-examination limited Drappi's knowledge of Bankman-Fried's pointer use, identified other possible users, narrowed the audience and tone of Caroline's November remarks, and ended with admission and playback of Defense Exhibit 415B.

DirectZac Prince — DirectZac PrinceNicolas Roos4lines spoken

Summary

Zac Prince explained BlockFi's disclosed crypto-lending model, testified that Alameda owed it approximately $650 million at bankruptcy, and attributed BlockFi's bankruptcy to Alameda lending and FTX-platform exposure before the court struck the remainder of his answer.

ProceduralPost-Session SchedulingZac Prince10lines spoken

Day 8

Oct 13, 2023

ProceduralRobing Room Medication Discussion13lines spoken

Summary

Defense counsel raised concerns that Bankman-Fried lacked effective Adderall coverage during trial hours. The prosecution relayed a planned extended-release BOP arrangement, and the court required a Monday status report.

ProceduralMedication Update and Trial Resumption3lines spoken

DirectZac Prince — DirectZac PrinceNicolas Roos40lines spoken

Summary

Zac Prince described BlockFi's due diligence and reliance on Alameda's financial statements, explained why it extended hundreds of millions of dollars in new loans, and testified that approximately $1 billion in combined Alameda and FTX exposure was not returned.

sidebarScope of Zac Prince’s Exchange TestimonyDuring Zac Prince — Direct14lines spoken

Summary

The defense challenged whether Zac Prince had a sufficient factual foundation to compare cryptocurrency lenders and exchanges without offering undisclosed expert opinion.

CrossZac Prince — CrossZac PrinceMark S. Cohen29lines spoken

Summary

Defense counsel used BlockFi credit records to examine known risks in lending to Alameda, while Prince distinguished a rejected loan proposal from later, more highly collateralized loans and described BlockFi's reliance on counterparty information.

RedirectZac Prince — RedirectZac PrinceNicolas Roos4lines spoken

Summary

Prince clarified the risk associated with FTT-backed Alameda loans and testified, over an overruled defense objection, why BlockFi proceeded toward bankruptcy.

RecrossZac Prince — RecrossZac PrinceMark S. Cohen3lines spoken

Summary

Prince declined a sole-cause characterization and said BlockFi would not have needed to file in November 2022 if its Alameda loans and FTX funds had not been impaired.

ProceduralWitness Scheduling and Busick Exhibit Hearing23lines spoken

Day 9

Oct 16, 2023

ProceduralPretrial Jury-Instruction and Evidentiary Matters6lines spoken

sidebarDefendant’s Missed Adderall Dose9lines spoken

Summary

Defense counsel reported that the defendant had not received his extended-dose Adderall and discussed efforts to reach officials handling the issue.

DirectTareq Morad — DirectTareq MoradSamuel Raymond5lines spoken

Summary

Tareq Morad traced roughly $500,000 in FTX funding through North Dimension, described his expectations that deposits remained under his control, and testified that he relied on a withdrawal assurance before an unsuccessful attempt to recover a documented $257,948.53 balance.

CrossTareq Morad — CrossTareq MoradDavid F. Lisner8lines spoken

Summary

Morad acknowledged prior cryptocurrency-exchange experience, market-driven account losses, and that he had not read FTX's terms, while identifying the Twitter withdrawal assurance as his principal recalled basis for believing his deposited money was present.

RedirectTareq Morad — RedirectTareq MoradSamuel Raymond4lines spoken

Summary

Morad placed his opportunity to review FTX's terms of service at account signup, around March 31 or April 1, 2021.

DirectNishad Singh — DirectNishad SinghNicolas Roos190lines spoken

Summary

Nishad Singh admitted his own crimes and described Alameda's special account privileges, the multibillion-dollar customer-fund shortfall, backdated financial entries, political donations made in his name, and public assurances during FTX's November 2022 collapse.

ProceduralDefendant Medication Access and Post-Testimony Matters18lines spoken

Summary

The court declined the defense's request to adjourn until extended-release Adderall became available, citing the lack of current competent medical evidence and its limited authority over medication for a defendant in Bureau of Prisons custody.

Day 10

Oct 17, 2023

CrossNishad Singh — CrossNishad SinghMark S. Cohen116lines spoken

Summary

Defense counsel tested Nishad Singh's memory and responsibility while examining the $8 billion fiat@ftx bug, Alameda's code privileges, backdated Serum payments, and the funding and approval of political donations.

ProceduralExpert Exhibit Admissibility Hearing33lines spoken

Summary

The court heard disputes over Peter Easton's proposed expert exhibits, reserved decision on Government Exhibit 1051, and asked the parties to narrow objections to demonstratives and financial-tracing charts.

CrossNishad Singh — Cross ResumedNishad SinghMark S. Cohen28lines spoken

Summary

Defense counsel tested Nishad Singh's knowledge and credibility through Alameda-closure discussions, an FTX-funded house purchase, a proposed backdated debt-unwinding trade, prior government interviews, and his proffer and cooperation agreements.

RedirectNishad Singh — RedirectNishad SinghNicolas Roos10lines spoken

Summary

Nishad Singh clarified the provenance of prosecutor notes, his house forfeiture, an auto-deleveraging code commit, paper-only loan arrangements, political-donation transfers, and why he considered resigning in fall 2022.

DirectRichard Busick — DirectRichard BusickDanielle Kudla29lines spoken

Summary

FBI agent Richard Busick explained historical cell-site analysis and testified that AT&T records placed the 9179 phone in Manhattan or near specified meeting locations during several relevant periods.

CrossRichard Busick — CrossRichard BusickChristian R. Everdell6lines spoken

Summary

Defense counsel established that Richard Busick's cell-site analysis could suggest where the 9179 phone was located but could not identify its user or reveal call content.

ProceduralTrial Scheduling6lines spoken

Day 11

Oct 18, 2023

DirectEliora Michaela Katz — DirectEliora Michaela KatzSamuel Raymond49lines spoken

Summary

Eliora Katz described FTX US's policy advocacy and Bankman-Fried's congressional appearances, then addressed public claims about customer protection while emphasizing that she neither drafted the earlier materials nor knew the underlying operations.

CrossEliora Michaela Katz — CrossEliora Michaela KatzMark S. Cohen4lines spoken

Summary

Katz confirmed her limited tenure at FTX, described Mark Wetjen's CFTC background, and said she did not work on the written congressional testimony prepared by Wetjen and Mr. Bankman-Fried.

DirectPeter Douglas Easton — DirectPeter Douglas EastonNicolas Roos39lines spoken

Summary

Accounting expert Peter Douglas Easton quantified fiat and cryptocurrency shortfalls, traced selected customer funds through Alameda and FTX accounts to investments and other expenditures, and testified that spot-margin borrowing could not explain Alameda's negative balance.

sidebarScope of Political-Spending TestimonyDuring Peter Douglas Easton — Direct5lines spoken

Summary

Counsel discussed limiting an accountant's testimony to tracing funds rather than addressing the nature or validity of political donations.

CrossPeter Douglas Easton — CrossPeter Douglas EastonDavid F. Lisner42lines spoken

Summary

The defense challenged Easton's account selection and tracing assumptions, eliciting concessions about scope-dependent balance figures, uncertainty over Genesis payments, and an FTX liability included in an Alameda balance chart.

RecrossPeter Douglas Easton — RecrossPeter Douglas EastonDavid F. Lisner5lines spoken

Summary

Easton explained that his tracing method treated cryptocurrency payments from a still-negative Alameda balance as drawing on customer funds, even after an outside deposit reduced the deficit.

DirectCory Gaddis — DirectCory GaddisSamuel Raymond14lines spoken

Summary

Google records custodian Cory Gaddis explained Google's automatic metadata, authenticated files through a hash check, and supported the admission of 18 exhibits before interpreting selected fields in Government Exhibit 44M.

ProceduralStipulation and Exhibit-Admissibility Hearing40lines spoken

Summary

After hearing relevance, Rule 403, and hearsay objections to Twitter-message exhibits, the court overruled the defense objections and admonished both sides to communicate better about metadata stipulations.

DirectShamel Medrano — DirectShamel MedranoDanielle R. Sassoon8lines spoken

Summary

Investigative analyst Shamel Medrano explained Twitter records and presented stipulated posts, direct messages, corporate documents, and deletion information tied to FTX, Alameda-affiliated entities, public representations, and private November 2022 communications.

CrossShamel Medrano — CrossShamel MedranoChristian R. Everdell5lines spoken

Summary

Medrano acknowledged that prosecutors selected the Twitter messages he reviewed and that he lacked personal knowledge of their completeness, participants, relationships, and surrounding context.

DirectPaige Owens — DirectPaige OwensThane Rehn6lines spoken

Summary

FBI forensic accountant Paige Owens explained government-prepared charts tracing funds from Alameda Research, FTX Digital Markets, and North Dimension accounts through accounts associated with Samuel Bankman-Fried, Nishad Singh, and Ryan Salame to political contributions.

CrossPaige Owens — CrossPaige OwensChristian R. Everdell4lines spoken

Summary

Owens acknowledged that fund-tracing results depend on the chosen accounting method, attributed the identified VIEW PAC payment to Heller & Robbins after reviewing bank statements, and confirmed that she did not analyze the origin of funds entering Alameda or North Dimension accounts.

ProceduralGovernment Exhibit 505 Evidentiary Ruling7lines spoken

ProceduralDefense-Case Schedule and Disclosure Discussion23lines spoken

Summary

The parties addressed the defense-case start, witness and expert disclosures, and possible presence-of-counsel or privilege issues before Can Sun's anticipated testimony.

Day 12

Oct 19, 2023

ProceduralTrial Scheduling and Proposed Jury InstructionsCan Sun14lines spoken

DirectCan Sun — DirectCan SunDanielle R. Sassoon78lines spoken

Summary

FTX general counsel Can Sun testified about customer-asset protections, Alameda's special account treatment, documented founder loans, and his November 7 conclusion that no legal justification supported the missing customer funds.

sidebarScope of FTX Terms ExhibitDuring Can Sun — Direct11lines spoken

Summary

Counsel discussed whether FTX's terms of service could be used beyond their effect on readers and how the provisions could be examined before the jury.

sidebarDispute Over Government Exhibit 514During Can Sun — Direct9lines spoken

Summary

The parties disputed whether Government Exhibit 514 concerning FTX Digital Markets policies could be used outside its truth and whether its differing entity context would confuse or prejudice the jury.

CrossCan Sun — CrossCan SunMark S. Cohen37lines spoken

Summary

Defense counsel tested Can Sun's knowledge and credibility through his compensation, FTX's legal structures, Alameda's special account treatment, the November shortfall, and his nonprosecution agreement.

RedirectCan Sun — RedirectCan SunDanielle R. Sassoon5lines spoken

Summary

Can Sun clarified that his government agreement made no determination that he violated federal law and said he voluntarily cooperated and traveled from Japan to tell the truth.

DirectRobert Boroujerdi — DirectRobert BoroujerdiThane Rehn12lines spoken

Summary

Third Point managing director Robert Boroujerdi testified that the firm relied on FTX's financial information and representations about Alameda and customer assets before investing $60 million, an investment he valued at zero.

CrossRobert Boroujerdi — CrossRobert BoroujerdiDavid F. Lisner8lines spoken

Summary

Defense counsel tested Robert Boroujerdi's knowledge of FTX's related-party transaction arrangements; he described transaction partners identified during diligence but could not say whether any technically qualified as related parties.

ProceduralAdjournment and Post-Testimony Matters8lines spoken

Day 14

Oct 26, 2023

ProceduralAlternate-Juror Excusal and Pretrial Matters8lines spoken

Summary

The court excused an ill alternate juror without objection, deferred pending trial-management issues, and received 20 government exhibits before Marc Troiano's examination.

DirectMarc Troiano — DirectMarc TroianoDanielle Kudla8lines spoken

Summary

FBI Special Agent Marc Troiano explained a chart summarizing 325 Signal groups involving Samuel Bankman-Fried, including 288 with auto-deletion enabled, while limiting his analysis to data from Gary Wang's laptop and Caroline Ellison's phone.

CrossMarc Troiano — CrossMarc TroianoChristian R. Everdell31lines spoken

Summary

Defense counsel tested the prosecution's role in preparing the Signal summary chart and Troiano's limited knowledge. After striking a misleading question and answer, the court restricted repetitive or out-of-scope questioning, while Troiano confirmed three entries attributed to SBF turning off auto-delete and a one-week setting for the “KYC/legal discuss” group.

sidebarSignal Group Redactions and Stricken TestimonyDuring Marc Troiano — Cross9lines spoken

Summary

Counsel discussed redacted Signal group names and how to correct a potentially misleading impression about why certain groups were removed.

ProceduralGovernment Rest, Rule 29, and Defense-Case PreparationKrystal Rolle46lines spoken

Summary

The government rested, the court denied the defense's Rule 29 motion, reviewed redacted materials for Krystal Rolle, and began the defense case with Rolle's testimony.

DirectKrystal Rolle — DirectKrystal RolleChristian R. Everdell8lines spoken

Summary

Krystal Rolle described the Bahamian orders directing FTX Digital Markets asset transfers, Bankman-Fried's participation in the transfer process, and his subsequent interactions with regulators and police.

CrossKrystal Rolle — CrossKrystal RolleNicolas Roos8lines spoken

Summary

Krystal Rolle said she had no firsthand knowledge of FTX customer funds or spending and limited her information to events beginning November 12, 2022.

DirectJoseph Pimbley — DirectJoseph PimbleyChristian R. Everdell11lines spoken

Summary

Defense-retained consultant Joseph Pimbley explained how he extracted and validated FTX database figures underlying three admitted charts concerning Alameda's in-use line of credit and balances held by accounts excluding Alameda and FTX entities.

CrossJoseph Pimbley — CrossJoseph PimbleyThane Rehn73lines spoken

Summary

Pimbley acknowledged that his defense charts were limited database extractions that did not address intent, asset tracing, customer shortfalls, or the significance of counsel-selected account categories; the court then began Bankman-Fried's admissibility hearing outside the jury's presence.

DirectSamuel Bankman-Fried — DirectSamuel Bankman-FriedMark S. Cohen25lines spoken

Summary

Bankman-Fried said lawyer-developed policies and agreements authorized FTX's auto-delete practices, Alameda payment processing, investment loans, and some exchange borrowing, then recounted Bahamian regulatory meetings and an asset transfer.

CrossSamuel Bankman-Fried — CrossSamuel Bankman-FriedDanielle R. Sassoon47lines spoken

Summary

Prosecutors challenged the legal-advice basis for Bankman-Fried's deleted Signal messages, North Dimension payment processing, Alameda's special account treatment, customer-fund borrowing, and loans, prompting repeated qualifications and judicial intervention.

ProceduralAdvice-of-Counsel Evidentiary Hearing20lines spoken

Summary

The defense sought to present lawyer-consultation and industry-practice evidence without asserting a formal advice-of-counsel defense; the government challenged its relevance, and the court reserved its rulings while flagging a possible instruction about a denied subpoena.

Day 15

Oct 27, 2023

ProceduralAdvice-of-Counsel Ruling and Morning Matters1highlight13lines spoken

Summary

The court allowed limited evidence that FTX counsel helped prepare a data-retention policy, excluded four other lawyer-drafted-document items, and refused to categorically bar use of Bankman-Fried's prior hearing testimony.

Highlights (1)

Quote“There's no provision in the Federal Rules of Evidence for standing objections.”— Lewis A. KaplanThe court rejected the defense request for a standing objection to use of the hearing transcript.Open in transcript →

DirectSamuel Bankman-Fried — DirectSamuel Bankman-FriedMark S. Cohen174lines spoken

Summary

Bankman-Fried denied fraud but admitted major risk-management failures, explained Alameda's borrowing and customer-deposit roles, described discovering the $8 billion fiat@FTX liability, and blamed unhedged market exposure for Alameda's deterioration.

sidebarFTX Blog Post AdmissibilityDuring Samuel Bankman-Fried — Direct23lines spoken

Summary

Counsel disputed whether an FTX blog post about liquidation systems and clawbacks had a relevant nonhearsay purpose or could support the defense's stated theory.

ProceduralTrial Schedule Discussion19lines spoken

Day 16

Oct 30, 2023

DirectSamuel Bankman-Fried — Direct ResumedSamuel Bankman-FriedMark S. Cohen20lines spoken

Summary

Bankman-Fried described his October assessment of Alameda's liability and solvency, defended FTX's public assurances, and traced the withdrawal surge and asset crash that he said produced liquidity and solvency crises.

sidebarHearsay Objection to Defendant's Statement9lines spoken

Summary

Counsel disputed whether the defendant's statement that he and Nishad Singh had done nothing wrong was admissible under the state-of-mind exception.

DirectSamuel Bankman-Fried — Direct ResumedSamuel Bankman-FriedMark S. Cohen6lines spoken

Summary

Bankman-Fried described failed rescue financing, his understanding of customer-asset borrowing, Alameda's wind-down, his post-bankruptcy public statements, and a regulator-directed transfer of remaining FTX-custodied assets.

CrossSamuel Bankman-Fried — CrossSamuel Bankman-FriedDanielle R. Sassoon115lines spoken

Summary

Prosecutors used Bankman-Fried's public statements, private messages, account records, and spreadsheets to challenge his claimed separation from Alameda and establish his knowledge of its exceptional credit, liquidation treatment, investment risks, and undisclosed advantages.

sidebarAudio Exhibit and Transcript AidDuring Samuel Bankman-Fried — Cross6lines spoken

Summary

The parties discussed the purpose and prior disclosure of an audio exhibit and its transcript aid offered during cross-examination.

ProceduralRebuttal Witness Disclosure and Trial Scheduling15lines spoken

Day 17

Oct 31, 2023

CrossSamuel Bankman-Fried — CrossSamuel Bankman-FriedDanielle R. Sassoon28lines spoken

Summary

Prosecutors used emails, chats, balance sheets, and public statements to challenge Bankman-Fried's account of Alameda's use of customer deposits, his delayed inquiry into the fiat@ liability, preferential Bahamian withdrawals, and FTX's November liquidity assurances.

RedirectSamuel Bankman-Fried — RedirectSamuel Bankman-FriedMark S. Cohen10lines spoken

Summary

Bankman-Fried contextualized his database work, margin and disclosure views, post-collapse statements, and congressional testimony while admitting personal error in the MobileCoin episode and broader risk-management shortcomings.

RedirectSamuel Bankman-Fried — Redirect ResumedSamuel Bankman-FriedMark S. Cohen5lines spoken

Summary

Bankman-Fried acknowledged poor oversight of Alameda's fiat@ liability while defending his limited trading role, explaining Alameda's credit and hedging, and contextualizing Bahamian withdrawals and post-collapse conduct.

ProceduralDefense Rests, Rebuttal Discussion, and Acquittal Motion32lines spoken

Summary

The defense rested, a stipulation resolved the authentication dispute over Government Exhibit 2534, the government presented no rebuttal case, and the court denied the renewed acquittal motion.

Charge ConferenceCharge Conference1highlight269lines spoken

Summary

The court resolved extensive disputes over the final jury charge and, after reconvening, ruled that the misappropriation theory would require proof of a false statement.

Highlights (1)

Quote“But the charge is I think making clear that the government has to prove a false statement in order to prove misappropriation.”— Lewis A. KaplanThe court stated the final instructional consequence of the supplemental dispute over the government's earlier position.Open in transcript →

Day 18

Nov 1, 2023

ProceduralFinal Charge Review and Closing Schedule3lines spoken

ClosingGovernment Closing Argument — Nicolas RoosNicolas Roos18lines spoken

Summary

Nicolas Roos argued that Bankman-Fried knowingly used FTX customer assets through Alameda, concealed the resulting shortfall, misled customers, lenders, and investors, and was guilty on all seven charges.

ClosingDefense Closing Argument — Mark CohenMark S. Cohen17lines spoken

Summary

The defense argued that good-faith business mistakes, accounting and risk-management failures, and a liquidity crisis—not fraudulent intent—caused FTX's collapse, while challenging cooperating witnesses and seeking acquittal on all counts.

Day 19

Nov 2, 2023

ProceduralJuror Substitution, Indictment Redaction, and Jury Schedule10lines spoken

Summary

The court denied the defense request to replace Juror No. 3, deferred an unopposed indictment-redaction issue until the break, and set the schedule for rebuttal, the charge, and deliberations.

Jury InstructionFinal Jury Instructions34lines spoken

Summary

The court delivered the final charge on all seven counts, the government's burdens, evidence and credibility, the verdict form, and unanimous deliberations.

Charge ConferenceCharge Corrections Sidebar21lines spoken

Summary

The court agreed to correct several final-charge errors, repeat the reasonable-doubt requirement, and preserve objections made at the earlier charge conference.

Jury InstructionJury Instruction Corrections2highlights8lines spoken

Summary

The court corrected the final charge on reasonable doubt, concealment money laundering, conscious avoidance, and securities-fraud wording before directing the jury to deliberate.

Highlights (2)

Quote“it is the government's burden to prove each of the essential elements of the offense beyond a reasonable doubt”— Lewis A. KaplanThe court emphasized that the reasonable-doubt requirement applied to every essential element despite any omission in the written or oral charge.Open in transcript →

Quote“However, if you find that the defendant actually believed that the fact was not true, then you may not find that he knew that fact.”— Lewis A. KaplanThis corrected the omitted limitation in the conscious-avoidance instruction and distinguished deliberate disregard from an actual contrary belief.Open in transcript →

ProceduralJury Deliberation Exhibit Procedures9lines spoken

ProceduralJury Communications and Exhibit Administration13lines spoken

VerdictVerdict Proceedings10lines spoken

Summary

The jury found Samuel Bankman-Fried guilty on all seven counts, confirmed both submitted money-laundering theories, and unanimously affirmed the verdict when polled.

ProceduralPost-Verdict Scheduling9lines spoken

About

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