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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.
By Nelson Wang
Updated Feb 7, 2023, 5:15 p.m. Published Feb 7, 2023, 4:11 p.m.
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.”
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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.
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