Topline
A federal judge greenlit Sam Bankman-Fried’s request to ditch his prison uniform for business clothing and to use a laptop at his trial beginning Tuesday, casting light to what one of the most highly anticipated white-collar criminal proceedings this century will look like.
Sam Bankman-Fried can don a suit and tie at his trial next week.
Key Facts
Bankman-Fried, the former billionaire CEO of the cryptocurrency exchange FTX who is awaiting trial in prison for a litany of fraud charges, will be provided three suits, four dress shirts, three ties, four pairs of socks, two pairs of shoes and “appropriate undergarments” for the duration of his trial in Manhattan, U.S. District Judge Lewis Kaplan ruled Wednesday.
Kaplan also approved the defense’s request to allow Bankman-Fried to use an internet-disabled laptop to take notes during his trial.
Tangent
Wednesday’s rulings, though procedural, tie to two of the more intriguing aspects of Bankman-Fried’s case. Long noted for his casual style, famously wearing cargo shorts and baggy T-shirts at business meetings, Bankman-Fried began dressing far more formally following his indictment, typically appearing in court in a white dress shirt, blue suit and loafers, though he sometimes put a more personal touch by keeping his shirt untucked. Any personal style choices were stifled last month when Bankman-Fried traded in his blue suit for an orange one when Kaplan ordered him to prison for violating bail conditions. That ruling was specifically tied to Bankman-Fried’s feeding of information about former colleague and romantic partner Caroline Ellison to the New York Times, but came after prosecutors raised several laptop-related concerns, including Bankman-Fried’s use of a virtual private network to watch NFL games.
Key Background
Bankman-Fried will be tried on seven counts beginning next week: two wire fraud charges and five related conspiracy charges for the alleged misappropriation of FTX customer funds to cover losses at its sister hedge fund Alameda Research. The 31-year-old, once worth as much as $26.5 billion per Forbes’ estimates, was arrested in the Bahamas in December, a month after his companies went belly up. Bankman-Fried was later extradited to the U.S. and, after posting bail, stayed at his parents’ home adjacent to Stanford University’s campus until last month.
Further Reading