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HomeBusinessUS prosecutors' request court to stay SEC and CFTC cases against Sam...

US prosecutors’ request court to stay SEC and CFTC cases against Sam Bankman-Fried

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On Tuesday, US prosecutors filed in court that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) would be willing postpone the civil cases against Sam Bankman-Fried by these regulators to a time after the conclusion of the criminal cases against him. The filing also notes that this postponement would save time and resources.

The Tuesday filing by US prosecutors mentions that the criminal case’s outcome could have “a significant impact” on the issues that are ultimately in dispute in the civil cases. Damian Williams, the main prosecutor in the case against SBF said that both SEC and CFTC had agreed to the stay. He said that they were concerned that the legal team of SBF might use the discovery process in the civil case to improve its defense in the criminal case. The trial is scheduled for October.

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The prosecutors also said that the following interested parties or their counsels had consented to a stay:
Former FTX CEO Sam Bankman-Fried (SBF)
Former FTX executive Gary Wang
Former Alameda Research CEO Caroline Ellison
Bankrupt estate of FTX and Alameda.

 

Both these regulatory bodies had filed separate civil cases against SBF after the collapse of the cryptocurrency exchange, FTX, of which he was a founder and CEO. The SEC charged Sam Bankman-Fried with scheming to defraud investors of FTX. The CFTC charged SBF, FTX, and Alameda Research with fraud and material misrepresentation charges.

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Meanwhile, SBF continues with a not guilty plea that was placed on January 3, in Manhattan federal court for the criminal fraud cases that have been filed against him. He faces eight criminal charges of fraud. Wang and Ellison have pleaded guilty and are cooperating with the authorities.

The former billionaire is under house arrest in California. He has an ankle monitor and is living at his parents’ luxurious home in Palo Alto.

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FTX requests the return of its political donations

 

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