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Two civil lawsuits, stemming from the U.S. Securities and Trade Fee (SEC) and the Commodity Futures Buying and selling Fee (CFTC), towards former FTX CEO Sam Bankman-Fried might be paused till his legal proceedings are full.
US Lawyer Requests Pause on SEC and CFTC Lawsuits to Forestall ‘Judicial Overlap’
In response to the newest choice by a New York decide presiding over the legal case of Sam Bankman-Fried, the co-founder of FTX, the 2 lawsuits filed by the highest two monetary regulators within the U.S. might be placed on maintain. Bankman-Fried was indicted by a federal grand jury in New York after his arrest, and the SEC and CFTC additionally filed fees towards the previous FTX CEO. The SEC complaint alleges that “Bankman-Fried orchestrated a years-long fraud” courting again to the creation of FTX.
The CFTC alleges that buyer deposits at FTX, together with each fiat currencies and cryptocurrencies, had been “appropriated by Alameda for its personal use” all through the related interval. This week, Damian Williams, the U.S. legal professional for the Southern District of New York, filed a movement to remain and requested the federal government entities to pause the lawsuits till the legal case is settled. Williams argued that pausing the 2 circumstances would stop “judicial overlap” and that the legal case in Manhattan would have a “vital influence” on each lawsuits.
The New York decide deferred the SEC and CFTC circumstances till the trial in Manhattan concludes. Bankman-Fried’s trial in Manhattan is scheduled to start on Oct. 3, 2023. The FTX co-founder is charged with eight financial crimes, together with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit cash laundering, and conspiracy to defraud the Federal Election Fee and commit marketing campaign finance violations.
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