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US Prosecutors Ask for Postponement of SEC, CFTC Cases Against Sam Bankman-Fried
The prosecutors are asking that the civil cases be put off until the criminal case against FTX’s founder is decided.
U.S. prosecutors have asked that the civil fraud cases brought by the Securities Exchange Commission and the Commodity Futures Trading Commission against FTX founder Sam Bankman-Fried be postponed until after the criminal case against him has concluded, according to a filing on Tuesday.
In their filing, prosecutors said the stay will save time and resources because the outcome of the criminal case “is likely to have a significant impact on what issues are ultimately in dispute in the Civil Cases.”
STORY CONTINUES BELOW
In their filing, prosecutors said that Bankman-Fried has consented to the issuance of a stay in the civil cases, as have counsel for fellow FTX and Alameda executives Gary Wang and Caroline Ellison, and counsel for the bankrupt estates of FTX.com and Alameda. The SEC and CFTC have not taken a position on the request for postponement.
Bankman-Fried has pleaded not guilty to the criminal fraud charges against him.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
