CFTC and SEC cases against SBF deferred until after criminal trial

A New York justice has granted a petition from prosecutors to defer civilian proceedings from the Commodities Futures Trading Commision (CFTC) and the Securities Exchange Commision (SEC) until aft Sam Bankman-Fried’s transgression proceedings successful October.

U.S. District Judge of Manhattan Kevin Castel connected Feb. 13 granted the motions to enactment the civil proceedings “without prejudice,” meaning the cases volition present beryllium halted until aft the Department of Justice's (DOJ’s) transgression proceedings concludes.

The question was archetypal submitted connected Feb. 7 by Damian Williams, U.S. Attorney for the Southern District of New York, requesting to defer some civilian cases against the FTX laminitis and erstwhile CEO.

both civilian cases (one from the SEC and 1 from the CFTC) person been stayed until the decision of the transgression proceedings against Sam Bankman-Fried https://t.co/3i28naGtnl

Citing his reasons for wanting the delay, Williams emphasized that each 3 cases volition astir apt beryllium hinged connected providing the aforesaid grounds against Bankman-Fried, and that the DOJ’s proceedings successful October volition person a “significant impact” connected these civilian cases.

He besides suggested that failing to hold the cases whitethorn springiness SBF unfair advantages successful the DOJ’s trial, arsenic the FTX laminitis had the tools to “improperly get impeachment worldly regarding the government’s witnesses, circumvent the transgression find rules, and improperly tailor his defence successful the transgression case.”

Bankman-Fried’s ineligible squad did not reason William’s question to defer the proceedings.

Related: FTX liquidators study speech held $2.4M ‘fleet of vehicles’ successful the Bahamas

In a related tribunal improvement connected Feb. 9 concerning SBF’s alleged witnesser tampering antics, Judge Lewis Kaplan of the United States District Court for the Southern District of New York extended the FTX founder’s ban connected utilizing each encrypted messaging apps until Feb. 21, arsenic portion of his bail conditions.

A week prior, SBF's ineligible squad had negotiated a deal to usage definite encrypted apps nether strict supervision, nevertheless Judge Kaplan yet overruled it and suggested that helium was much acrophobic astir shutting down immoderate encrypted connection than offering SBF a tiny convenience.