SEC and CFTC Lawsuits Against Former FTX CEO Stayed Until Criminal Proceedings Conclude – Bitcoin News

Two civil lawsuits arising from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) against former FTX CEO Sam Bankman-Fried will be put on hold until their criminal proceedings are completed.

US Attorney requests pause on SEC and CFTC lawsuits to prevent ‘jurisdictional overlap’

According to the latest ruling from the New York judge presiding over the criminal case of FTX co-founder, Sam Bankman-Fried, two lawsuits filed by the top two financial regulators in the US will be put on hold. Bankman-Fried was indicted by a federal grand jury in New York following her arrest, and the SEC and CFTC also filed charges against the former FTX CEO. The SEC’s complaint alleges that “Bankman-Fried perpetrated a year-long fraud conspiracy” from the time FTX was created.

The CFTC alleges that customer deposits on FTX, including both fiat and cryptocurrencies, were “appropriated by Alameda for his own use” during the relevant period. This week, Damien Williams, the US Attorney for the Southern District of New York, filed a motion to stay and asked government entities to halt the prosecutions until the criminal case is resolved. Williams argued that halting the two cases would prevent “judicial overlap” and that the criminal case in Manhattan would have a “significant impact” on both trials.

New York judge adjourns the SEC and CFTC cases until the trial is over in Manhattan. Bankman-Fried’s trial is scheduled to begin on October 3, 2023, in Manhattan. The co-founder of FTX is accused of eight financial crimes, including conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud. , conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations.

Tagged in this story Alameda, allegations, campaign finance violations, CFTC, civil lawsuit, commodity fraud, criminal proceedings, cryptocurrency, cryptocurrency industry, customer deposits, Damian Williams, Federal Election Commission, federal grand jury, fiat currencies, financial regulators, fraud, FTX, Judicial Overlap, Manhattan, money laundering, motion to stay, New York judge, results, Sam Bankman-Fried, SEC, securities fraud, Southern District of New York, trial, US Attorney, wire fraud

What do you think the outcome will be for Sam Bankman-Fried and FTX? Tell us what you think about this theme in the comments section below.

jamie redman

Jamie Redman is news lead at News and a financial technology reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the disruptive protocols emerging today.

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