Court sketch of Sam Bankman-Fried as he sits with his defense team during his fraud trial at federal court in New York City.
New York (CNN) — Sam Bankman-Fried is set to meet the jury that will decide his fate.
Lawyers for SBF&#’;s fraud trial have selected 12 jurors and six alternates, set to be sworn in Wednesday morning. After a brief recess, federal prosecutors and defense lawyers are expected to make their opening statements.
The US government has charged Bankman-Fried with multiple counts of fraud and conspiracy, following the implosion of his crypto-trading platform, FTX, last year.
Lawyers will now lay out their cases to the court in closely watched statements that offer a preview of how the next several weeks will play out.
Prosecutors say Bankman-Fried, who is 31, stole roughly $8 billion worth of customer funds to cover risky bets by his crypto hedge fund, buy luxury real estate in the Bahamas and donate tens of millions of dollars to US political campaigns.
Bankman-Fried has pleaded not guilty to seven counts of fraud and conspiracy, and his defense is expected to echo statements he has made to the press and in blog posts since his arrest in December last year.
The former crypto billionaire has repeatedly cast himself as a clumsy businessman who made a series of errors of judgment though never knowingly committed fraud.
Legal experts say Bankman-Fried&#’;s lawyers have their work cut out for them. The biggest obstacle: At least four former high-ranking business associates have pleaded guilty in cooperation with prosecutors and plan to testify against their former boss.
This story is developing and will be updated.
The-CNN-Wire
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