{"id":20494,"date":"2023-02-14T07:39:57","date_gmt":"2023-02-14T15:39:57","guid":{"rendered":"https:\/\/coinnetworknews.com\/sec-and-cftc-lawsuits-against-former-ftx-ceo-paused-until-criminal-proceedings-conclude-bitcoin-news\/"},"modified":"2023-02-14T07:39:57","modified_gmt":"2023-02-14T15:39:57","slug":"sec-and-cftc-lawsuits-against-former-ftx-ceo-paused-until-criminal-proceedings-conclude-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/sec-and-cftc-lawsuits-against-former-ftx-ceo-paused-until-criminal-proceedings-conclude-bitcoin-news\/","title":{"rendered":"SEC and CFTC Lawsuits Against Former FTX CEO Paused Until Criminal Proceedings Conclude \u2013 Bitcoin News"},"content":{"rendered":"
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Two civil lawsuits, stemming from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), against former FTX CEO Sam Bankman-Fried will be paused until his criminal proceedings are complete.<\/strong><\/p>\n

US Attorney Requests Pause on SEC and CFTC Lawsuits to Prevent \u2018Judicial Overlap\u2019<\/h2>\n

According to the latest decision by a New York judge presiding over the criminal case of Sam Bankman-Fried, the co-founder of FTX, the two lawsuits filed by the top two financial regulators in the U.S. will be put on hold. Bankman-Fried was indicted<\/a> by a federal grand jury in New York after his arrest, and the SEC and CFTC also filed charges against the former FTX CEO. The SEC complaint<\/a> alleges that \u201cBankman-Fried orchestrated a years-long fraud\u201d dating back to the creation of FTX.<\/p>\n

The CFTC alleges<\/a> that customer deposits at FTX, including both fiat currencies and cryptocurrencies, were \u201cappropriated by Alameda for its own use\u201d throughout the relevant period. This week, Damian Williams, the U.S. attorney for the Southern District of New York, filed a motion to stay and asked the government entities to pause the lawsuits until the criminal case is settled. Williams argued that pausing the two cases would prevent \u201cjudicial overlap\u201d and that the criminal case in Manhattan would have a \u201csignificant impact\u201d on both lawsuits.<\/p>\n

The New York judge deferred the SEC and CFTC cases until the trial in Manhattan concludes. Bankman-Fried\u2019s trial in Manhattan is scheduled to begin on Oct. 3, 2023. The FTX co-founder is charged with eight financial crimes<\/a>, including conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations.<\/p>\n

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alameda<\/a>, Allegations<\/a>, campaign finance violations<\/a>, CFTC<\/a>, civil lawsuits<\/a>, commodities fraud<\/a>, criminal proceedings<\/a>, Cryptocurrencies<\/a>, cryptocurrency industry<\/a>, customer deposits<\/a>, Damian Williams<\/a>, Federal Election Commission<\/a>, federal grand jury<\/a>, fiat currencies<\/a>, Financial regulators<\/a>, Fraud<\/a>, ftx<\/a>, judicial overlap<\/a>, Manhattan<\/a>, Money Laundering<\/a>, motion to stay<\/a>, new york judge<\/a>, outcome<\/a>, Sam Bankman-Fried<\/a>, SEC<\/a>, securities fraud<\/a>, Southern District of New York<\/a>, Trial<\/a>, U.S. Attorney<\/a>, Wire Fraud<\/a><\/div>\n<\/div>\n

What do you think the outcome will be for Sam Bankman-Fried and FTX? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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