Jury selection began on Tuesday in the trial of Sam Bankman-Fried, the disgraced cryptocurrency entrepreneur who has been accused of stealing billions of dollars from FTX exchange customers.
Federal prosecutors have charged Mr Bankman-Fried with seven counts of fraud and conspiracy. He is accused of stealing from FTX customers to prop up his Alameda Research hedge fund, buy property and donate millions to US politicians. He has pleaded not guilty.
Prospective jurors began entering the Manhattan federal courthouse on Tuesday morning, where 12 will ultimately be chosen to be seated during the trial.
"The object is to select a jury of individuals who, no matter what they may know or not know about these parties or about this case, are willing and able to decide this case in a manner that's fair and impartial to both sides based solely on the evidence," US District Judge Lewis Kaplan told jurors.
The trial is expected to last six weeks and will include testimony from three former close associates of Mr Bankman-Fried who have already pleaded guilty to fraud.
FTX was a digital platform for people to exchange cryptocurrencies and made money by collecting fees on trades.
At its height, it was worth more than $32 billion. It won naming rights for the stadium of the NBA team Miami Heat and received numerous celebrity endorsements, from Shark Tank's Kevin O'Leary to NFL star Tom Brady.
Mr Bankman-Fried also donated significant amounts to Democratic and Republican fund-raising committees.
Records from the Federal Elections Commission show his Alameda Research fund donated millions of dollars to a political action committee backing then-candidate Joe Biden in 2010. Others to have received donations from Mr Bankman-Fried included US senators Kirsten Gillibrand, Susan Collins, Cory Booker and Lisa Murkowski.
House Minority Leader Hakeem Jeffries and others who received donations either returned the funds or gave them to charity.
Mr Bankman-Fried's empire collapsed last year after a report alleged unusually close ties between FTX and Alameda Research, triggering a rush of customer withdrawals.
FTX filed for bankruptcy on November 11, days after the company lost more than $6 billion in withdrawals. Mr Bankman-Fried resigned as its chief executive.
He was later arrested in the Bahamas and extradited to the US, where he was indicted on fraud and conspiracy charges.
Mr Bankman-Fried has acknowledged there was inadequate risk management but has denied stealing funds from his customers.
Defence lawyers are expected to argue that witnesses testifying against him are doing so to receive a more favourable sentence.
Lawyers were also expected to provide an “advice of counsel” defence, which suggests the disgraced FTX founder did not knowingly commit fraud and was relying on advice from the company's lawyers.
Judge Lewis Kaplan at the weekend ruled “advice of counsel” could not be included in defence lawyers' opening statements, outlining in a 10-page memo that doing so could prejudice the jury.
Mr Bankman-Fried has been held at Brooklyn's Metropolitan Detention Centre since August after Mr Kaplan ruled he had breached his bail conditions and attempted to tamper with witnesses.
He faces decades in prison if convicted.
Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
Race card
6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
8.15pm: Emirates Airline Conditions (TB), Dh120,000 (D), 1,400m
8.50pm: Emirates Sky Cargo (TB), Dh92,500 (D)1,400m
9.15pm: Emirates.com (TB), Dh95,000 (D), 2,000m
The specs
Engine: 3.6 V6
Transmission: 8-speed auto
Power: 295bhp
Torque: 353Nm
Price: Dh155,000
On sale: now
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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