2 years ago
Two civilian lawsuits, stemming from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), against erstwhile FTX CEO Sam Bankman-Fried volition beryllium paused until his transgression proceedings are complete.
US Attorney Requests Pause connected SEC and CFTC Lawsuits to Prevent ‘Judicial Overlap’
According to the latest determination by a New York justice presiding implicit the transgression lawsuit of Sam Bankman-Fried, the co-founder of FTX, the 2 lawsuits filed by the apical 2 fiscal regulators successful the U.S. volition beryllium enactment connected hold. Bankman-Fried was indicted by a national expansive assemblage successful New York aft his arrest, and the SEC and CFTC besides filed charges against the erstwhile FTX CEO. The SEC complaint alleges that “Bankman-Fried orchestrated a years-long fraud” dating backmost to the instauration of FTX.
The CFTC alleges that lawsuit deposits astatine FTX, including some fiat currencies and cryptocurrencies, were “appropriated by Alameda for its ain use” passim the applicable period. This week, Damian Williams, the U.S. lawyer for the Southern District of New York, filed a question to enactment and asked the authorities entities to intermission the lawsuits until the transgression lawsuit is settled. Williams argued that pausing the 2 cases would forestall “judicial overlap” and that the transgression lawsuit successful Manhattan would person a “significant impact” connected some lawsuits.
The New York justice deferred the SEC and CFTC cases until the proceedings successful Manhattan concludes. Bankman-Fried’s proceedings successful Manhattan is scheduled to statesman connected Oct. 3, 2023. The FTX co-founder is charged with eight fiscal crimes, including conspiracy to perpetrate ligament fraud, ligament fraud, conspiracy to perpetrate commodities fraud, conspiracy to perpetrate securities fraud, conspiracy to perpetrate wealth laundering, and conspiracy to defraud the Federal Election Commission and perpetrate run concern violations.
Tags successful this story
alameda, Allegations, campaign concern violations, CFTC, civil lawsuits, commodities fraud, criminal proceedings, Cryptocurrencies, cryptocurrency industry, customer deposits, Damian Williams, Federal Election Commission, federal expansive jury, fiat currencies, Financial regulators, Fraud, ftx, judicial overlap, Manhattan, Money Laundering, motion to stay, new york judge, outcome, Sam Bankman-Fried, SEC, securities fraud, Southern District of New York, Trial, U.S. Attorney, Wire Fraud
What bash you deliberation the result volition beryllium for Sam Bankman-Fried and FTX? Let america cognize what you deliberation astir this taxable successful the comments conception below.
Jamie Redman
Jamie Redman is the News Lead astatine Bitcoin.com News and a fiscal tech writer surviving successful Florida. Redman has been an progressive subordinate of the cryptocurrency assemblage since 2011. He has a passionateness for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written much than 6,000 articles for Bitcoin.com News astir the disruptive protocols emerging today.
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