For a period of five weeks, CNBC covered the trial of Sam Bankman-Fried from the courthouse in downtown Manhattan. On Thursday evening, the 31-year-old ex-CEO of cryptocurrency exchange FTX was found guilty of all charges. The courtroom was packed with celebrities, bestselling writers, corporate criminals, and renowned reporters during the trial.
At 8 pm. on Thursday, 12 jurors unanimously declared Sam Bankman-Fried guilty of all seven counts presented to them. The forewoman's repeated word of "guilty" into a handheld microphone left a silent courtroom. Bankman-Fried showed no visible reaction to the verdict. The deliberation process ended swiftly with a conclusion that Bankman-Fried had defrauded FTX customers and lenders to its sister hedge fund, Alameda Research. 500 Pearl Street, a federal courthouse in the Southern District of New York, hosted this criminal trial in room 26b. This location also became the gathering place for a large number of journalists over five weeks.Entering the courthouse was strictly prohibited to any electronics, though exceptions arose from those with a confirmed media seat in the media room, or those who had the support of a television photographer. Establishing a place outside the courthouse to plug in a device was essential to this journalist due to the speed of both relaying and writing up information. Another key to the process was the Auburn University totebag - clear and easily seen, which sped up the security process. A cafe on the 8th floor was the go-to for cheap good and energy sources like snacks and coffee (which was treasured in the courthouse like contraband). Limited seating for the public, including journalists, was also competitive, with the line for Bankman-Fried's second day of testimony beginning the night before and lasting until 3 am. the following morning.
In overflow courtrooms on the 23rd and 24th floors, journalists, actors, bestselling authors, white-collar criminals, and interested civilians gathered for the long-haul. There, proceedings were live streamed on monitors, and attendees were free to snack and drink whatever they pleased, as well as to (reportedly) vape and take side bets on government objection tallies. Latter-day witnesses generally included Pharma bro Martin Shkreli, CNBC correspondent Andrew Ross Sorkin, and author Michael Lewis, whose book about the defendant was released on the first day of trial. The elevator was often crowded with journalists seeking a moment with Lewis, while Ben McKenzie, a former O.C. actor, appeared in anticipation of his new book on cryptocurrency. While strict electronic confinement meant cutting off from the outside world, an inevitable bond of camaraderie formed among the motley crew. These were the people who helped each other fill in missing names and quotes and move quickly between breaks.
On Thursday evening in courtroom 26b of 500 Pearl Street, anticipation was high. A large crowd of key names in the business and crypto news media had been present every day of the trial, which began on October 3 and had taken place over the course of a month. Most people were wearing layers of fleece-lined jackets, sweaters, jeans and sweatpants; a stark contrast to the formal clothing from the first week and a consequence of the weather which had gone from 79 degrees Fahrenheit to 42 degrees. Judge Kaplan's courtroom was dim and the windows concealed from view with white blinds.At 3:15 p.m. the jury was sent to deliberate and given an hour to eat pizza given by the government. By 7:30 p.m., it was unclear if the jury would be able to come back with a unanimous decision by 8 p.m., when the security shift ended. They had less than four hours to consider the evidence and make their decision on a trial of twenty witnesses and hundreds of exhibits.At 7:37 p.m., both government and defense attorneys rushed back as the clerk announced, "The jury has reached a verdict" and jurors a minute later were back in their seats.
All eyes were on Bankman-Fried, along with his parents, Joe Bankman and Barbara Fried, in the second row. They and their son kept their composure during the proceedings with no tears, possibly due to stoicism or the thick emotional armor that had been built up over months of battling regulators, prosecutors, the FTX bankruptcy estate, and paparazzi. Outside the courthouse one morning, the security line provided a typical example. A photographer stood outside tinted glass meant to obscure the faces inside, aiming a portable light above his head in an effort to get a good shot of Bankman-Fried's parents as they traversed the thirty-foot stretch. Over the course of ten minutes, he slowly paced alongside them, flashing the light repeatedly in search of the ideal image of two individuals at the peak of their misery.
The defendant was wearing a loose black suit, accentuated with a purple tie. His slender frame and drawn face made his ears more prominent than normal, and his wild curls were once again visible following a haircut he received from another inmate earlier in the trial.Once Judge Kaplan instructed Bankman-Fried to face the jurybox, all in attendance waited in anticipation until 7:47 p.m. At this point, Bankman-Fried's verdict was announced and his parents hunched over in distress, though they refrained from crying. Cohen then asked for a poll of the jurors to ensure the verdicts were read correctly. Upon hearing each juror confirm this, Judge Kaplan praised the jury for being attentive and knowledgeable about the crypto business. After the jurors were dismissed, the judge congratulated both attorneys on a "good job" before leaving the courtroom.Bankman-Fried stood still, eyes facing the bench, while Cohen spoke into his ear and placed a comforting hand on his back.The courtroom was quiet as onlookers filled the aisle, almost as if formed around a prophet, while the press waited at the back.At 8:02 p.m., Bankman-Fried walked to an adjacent room in silence. His parents, who had been standing at the front of the aisle, were the first to meet him.
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