US Lawyer requests SEC and CFTC civil circumstances towards SBF wait till after prison trial


Damian Williams, United States Lawyer for the Southern District of New York, has petitioned the courtroom to delay civil proceedings towards former FTX chief govt officer Sam Bankman-Fried “till the conclusion of the parallel prison case”.

In Feb. 7 filings, Williams requested that the courtroom challenge an order staying civil proceedings in addition to discovery from the U.S. Securities and Trade Fee and Commodity Futures Buying and selling Fee towards Bankman-Fried till after his prison case, scheduled to go to trial in October. Based on Williams, the prison case towards Bankman-Fried was “more likely to have a major influence” on the SEC and CFTC civil circumstances.

“All the information at challenge within the Civil Instances are additionally at challenge within the Legal Case,” mentioned the submitting. “Certainly, as to the scheme to defraud clients, the scheme to defraud traders, the conspiracy to commit securities fraud by materially deceptive traders, and the conspiracy to commit commodities fraud by misappropriating buyer funds supposed for use for swaps buying and selling, nearly the entire identical paperwork, witnesses, and different proof that will be utilized by the SEC and CFTC to show their claims arising from these schemes would even be used to show the Authorities’s prison case.”

U.S. prosecutors ask to postpone SEC, CFTC circumstances towards Bankman-Fried

— Reuters (@Reuters) February 7, 2023

Relating to staying discovery proceedings, the U.S. Lawyer claimed with out intervention, Bankman-Fried had the instruments to “improperly get hold of impeachment materials concerning the Authorities’s witnesses, circumvent the prison discovery guidelines, and improperly tailor his protection within the Legal Case”. The choose overseeing SBF’s prison case has already banned the previous FTX CEO from utilizing encrypted messaging apps as a situation of his bail after allegations of contacting witnesses doubtlessly concerned within the case.

Attorneys for Bankman-Fried mentioned he didn’t object to staying the SEC and CFTC civil circumstances till the conclusion of the prison case. The authorized groups for former Alameda Analysis CEO Caroline Ellison and FTX co-founder Gary Wang consented to staying the CFTC case — the 2 have already settled their civil circumstances with the SEC.

Associated: FTX fallout: SBF trial might set precedent for the crypto trade

Each the SEC and CFTC filed separate lawsuits towards Bankman-Fried in December shortly after his arrest within the Bahamas. The SEC’s criticism sought injunctions which might stop SBF from taking part within the issuance, buy, provide or sale of any securities aside from his private account, whereas the CFTC mentioned it was searching for injunctive and different equitable aid in addition to civil financial penalties towards the previous CEO, FTX, and Alameda.


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