Jury selection to begin in trial of fallen cryptocurrency mogul Sam Bankman-Fried

Jury selection began Tuesday in the fraud trial of FTX founder Sam Bankman-Fried after a prosecutor revealed that no discussions about a potential plea agreement took place in the nearly 10 months since the cryptocurrency executive was arrested and brought to the United States.

Once a billionaire, the 31-year-old crypto mogul faces the possibility of a long prison term if convicted at a trial projected to last up to six weeks. In a makeover for trial, Bankman-Fried gave up his wild big-hair look for a scissored-down trim more common in the financial industry. Introduced to jurors, he briefly stood in his suit and tie and turned their way.

Nearly 50 prospective jurors were sent home and told to return Wednesday, when it was expected that a jury of 12 individuals and six alternates would be in place by late morning so opening statements could begin.

Prosecutors say Bankman-Fried defrauded people and financial institutions who had accounts worth billions of dollars at the cryptocurrency exchange by illegally diverting massive sums of their money for his personal use, including making risky trades at his cryptocurrency hedge fund, Alameda Research. He's also accused of using customer money to buy real estate and make big political contributions to try to influence government regulation of cryptocurrency.