Free pizza and Ubers: Judge will hold jurors past 8 p.m. as Sam Bankman-Fried trial enters final stretch
Indicted FTX founder Sam Bankman-Fried arrives at the United States Courthouse in New York City, July 26, 2023.
Amr Alfiky | Reuters
The government is paying for pizza and Uber rides home for the 12 jurors in lower Manhattan who will decide the fate of Sam Bankman-Fried.
In court on Thursday, U.S. District Judge Lewis Kaplan told jurors he would keep them until 8:15 p.m. as the criminal trial of the FTX founder enters its final stretch. Kaplan had previously hinted at the expedited timeline, while reassuring the jury that he wasn’t rushing anyone.
Closing arguments wrapped up on Wednesday, followed by the prosecution’s rebuttal Thursday morning. Now the trial moves to jury instructions and then deliberations.
No proceedings are scheduled for Friday due in part to a juror’s conflicting schedule. Should deliberations last beyond Thursday evening, they would resume on Monday.
Bankman-Fried, the 31-year old son of two Stanford legal scholars, faces a potential life sentence if convicted on charges, which include wire fraud, securities fraud and money laundering, all tied to the collapse late last year of FTX and sister hedge fund Alameda Research. He pleaded not guilty.
The trial, which began about a month ago, has largely pitted the testimony of Bankman-Fried’s former close friends and top lieutenants against the sworn statements of their former boss and ex-roomate.
The government’s key witnesses included Caroline Ellison, Bankman-Fried’s ex-girlfriend and the former head of Alameda, FTX co-founder Gary Wang, who was Bankman-Fried’s childhood friend from math camp, and former FTX engineering chief Nishad Singh. All three pleaded guilty to multiple charges and cooperated as witnesses for the prosecution.
FTX founder Sam Bankman-Fried is questioned by defense lawyer Mark Cohen as he testifies in his fraud trial over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, U.S., October 30, 2023 in this courtroom sketch.
Jane Rosenberg | Reuters
In the government’s rebuttal Thursday morning to the defense’s closing argument, Assistant U.S. Attorney, Danielle Sassoon reminded the jury about the heart of the case. Billions of dollars of customer money from Bankman-Fried’s crypto exchange went missing.
Telling customers that their assets are safe and then taking that money and using it for personal and other company expenditures is not a reasonable business decision — but fraud, Sassoon said.
The defendant had the “arrogance to think that he could get away with fraud,” she said. He wanted influence and power, and Sassoon referred to the testimony of a witness, who said Bankman-Fried thought he could someday be president.
Sassoon responded to the defense’s argument that cooperating witnesses were incentivized to blame Bankman-Fried in order to lessen their sentence, calling those allegations “outrageous.”
“If you believe Caroline, the defendant is guilty,” Sassoon told the jury in her rebuttal. “If you believe Gary, the defendant is guilty. If you believe Nishad, the defendant is guilty.”
Sassoon added that Ellison, as a co-conspirator, operated in dread and fear waiting for customers to realize their money was gone.
One of Bankman-Fried’s main defenses was that he made mistakes, primarily related to risk management and in not hiring a chief risk officer. Sassoon says that’s not a defense — it was a strategy.
“If you’re embezzling money, of course you’re not going to have a chief risk officer,” she said.
Sassoon ended by telling jurors that Bankman-Fried thought he could fool customers, reporters, the public and now them.
“Don’t fall for it,” she said. “Find him guilty.”
After Sassoon wrapped up her rebuttal, the judge moved into one of the trial’s final stages, a step known as charging the jury. The multi-hour process involves reading jurors a 60-page set of instructions. When he’s done, the jury will enter deliberations until they land on a verdict.
WATCH: Prosecutors, defense paint different versions of Sam Bankman-Fried
Leading electric vehicle analyst, author, and industry thought leaders Loren McDonald and Bill Ferro stop by Quick Charge to discuss EV Adoption’s acquisition by Paren, the “crisis” of EV charging reliability, and the real state of the EV market.
Depending on who you listen, EVs are either driving brands to record growth and are about cross that critical 10% of the overall market nationwide, or the future is bleak, the market is down, and EVs just aren’t selling. What’s really going on? Loren and Bill (probably) have some answers.
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Chevy EV owners in Texas who have Reliant as their electric utility can now charge for free at night with renewable energy.
Over 150 Chevrolet dealerships across Texas are now offering the Reliant Free Charge Nights plan to new EV buyers. With Free Charge Nights, customers can offset their charging costs by receiving credits for electricity used between 11 pm and 6 am. The plan is powered entirely by renewable energy, thanks to the purchase of renewable energy certificates (RECs).
Rasesh Patel, president of NRG Consumer, says the plan is about making power personal: “We’re excited to help Chevrolet EV drivers offset the cost of charging their vehicle all while having access to a renewable electricity plan.”
This collaboration aims to make EV adoption more appealing by making charging cheaper and greener. GM Energy’s chief revenue officer, Aseem Kapur, emphasized that partnerships like this help build the ecosystem needed to support an all-electric future: “The Reliant Free Charge Nights plan is a great example of how an automaker and an energy company can work together to make EV adoption an easy decision.”
Existing Reliant customers can also sign up for the Free Charge Nights plan. To get started, Chevrolet EV owners need to designate their vehicle on the GM Energy Smart Charging Portal before enrolling in the plan.
Reliant Energy, a subsidiary of NRG Energy, serves over 1.5 million customers in Texas, making it one of the largest electricity providers in the state.
Read more: Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes
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Texas is about to get a major power boost – a new AI-powered virtual power plant (VPP) delivering capacity equivalent to 200,000 homes during peak demand.
NRG Energy is teaming up with Renew Home to bring nearly 1 gigawatt (GW) of capacity to the Texas grid by 2035, aiming to make it more resilient while helping residents save on energy costs.
The new VPP will rely on hundreds of thousands of smart thermostats and other connected home devices, making use of AI technology provided by Google Cloud. These devices, like Vivint and Nest smart thermostats, will be offered to eligible customers at no cost. By automating HVAC adjustments, they help shift energy use to when electricity is cheaper, cleaner, and less strained.
NRG and Renew Home have big plans for the VPP. Starting in spring 2025, the companies plan to roll out the program across Texas, installing these smart thermostats in homes served by NRG’s retail electricity providers. Eventually, they plan to add home battery storage and EVs to expand the power plant’s capabilities.
Texas has faced record-breaking energy demands, with peak usage hitting 85 GW in 2023. As the state’s population grows and extreme weather becomes more frequent, VPPs like this one could play a key role in stabilizing the grid. VPPs aggregate a lot of small-scale energy resources, from smart thermostats to home batteries, and use them to help balance supply and demand during times of high stress on the grid.
This nearly 1 GW VPP will be one of the largest of its kind in Texas. NRG’s president of consumer operations, Rasesh Patel, calls it a “pivotal step” for improving customer experience while making Texas’ energy infrastructure more sustainable and resilient.
In addition to Renew Home, NRG is working with Google Cloud to maximize the power plant’s effectiveness. Google Cloud’s AI and analytics tools will help predict weather conditions, forecast renewable generation, and optimize energy usage, all of which will help make energy management smoother for both customers and the grid.
Ben Brown, CEO of Renew Home, said:
NRG’s commitment to creating a more resilient and sustainable energy future while also making electricity bills more affordable makes them an ideal partner for co-developing this unique VPP program.
This initiative raises the bar for future-proofing our electricity infrastructure and delivering cost savings to customers.
Read: Chinese solar giant Trina sells its Texas factory a week after it opens
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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