CFTC and SEC cases against SBF deferred until after criminal trial

A New York judge granted a prosecutor’s motion to delay a civil suit against Sam Bankman-Fried by the Commodity Futures Trading Commission and the Securities Commission until the completion of the criminal trial against the founder of FTX in October.

U.S. District Judge for Manhattan Kevin Castel, February 13. granted motions to stay the civil proceedings “without prejudice”, which means that the cases will now be stopped until the completion of the criminal process by the Department of Justice.

The petition was first filed on February 7 by Damian Williams, U.S. Attorney for the Southern District of New York, asking for a stay of both civil cases against the founder and former CEO of FTX.

Citing his reasons for wanting a delay, Williams stressed that all three cases would likely depend on the same evidence being presented against Bankman-Freed, and that the DOJ trial in October would have a “significant impact” on those civil cases.

He also suggested that failure to delay cases could give the SBF an unfair advantage in the Justice Department’s litigation, as the FTX founder had the tools to “improperly obtain impeachment records against government witnesses, circumvent crime detection rules, and misadapt his defense in court.” criminal case.”

Bankman-Freed’s legal team did not object to William’s request for a stay.

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In connection with a lawsuit involving SBF’s alleged witness tampering antics, Judge Lewis Kaplan of the United States District Court for the Southern District of New York on February 9 extended the FTX founder’s ban on all encrypted messaging apps until February 21. as part of the terms of his bail.

A week earlier, the SBF legal team entered into an agreement to use certain encrypted applications under strict supervision, but Judge Kaplan overturned it and suggested that he was more concerned about shutting down any encrypted communications than the SBF’s offer of little convenience.

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