U.S. judge postpones the SEC and CFTC proceedings against FTX’s Sam Bankman-Fried
Manhattan judge, Kevin Castel, delayed Sam Bankman-Fried's legal cases against two civil regulators on Monday 13th Feb in New York. The postponement of these two cases is pending the outcome of the Department of Justice's criminal investigation into the creator of the now-defunct FTX cryptocurrency exchange.
A Justice Department request to halt the legal actions brought by the Securities and Exchange Commission and the Commodity Futures Trading Commission was granted by U.S. District Judge Kevin Castel in Manhattan.
The cases largely overlapped, according to the prosecution, and it made sense to postpone those lawsuits since the resolution of the criminal case would probably have an impact on the issues still at stake in the civil proceedings.
Additionally, they mentioned the possibility that Bankman-Fried would acquire data in civil cases to inappropriately impeach government witnesses, get around the laws of discovery in criminal cases, and craft his criminal defense.
Former FTX Chief Executive Sam Bankman-Fried, leaves federal court in New York City, U.S., February 9, 2023.
SBF's Compliance
Bankman-Fried approved of postponing the civil suits. When the Justice Department brings concurrent criminal proceedings, a stay of the SEC and CFTC actions is frequently requested.
Since pleading not guilty to stealing billions of dollars from FTX, Bankman-Fried, 30, has been residing in Palo Alto, California, with his parents and is now free on a $250 million bail. Judge Lewis Kaplan, a different federal judge in Manhattan, is in charge of that case.
In a related court development concerning SBF’s alleged witness tampering antics, Judge Lewis Kaplan of the United States District Court for the Southern District of New York on Feb. 9 extended the FTX founder’s ban on using all encrypted messaging apps until February 21, as part of his bail conditions.
A week prior, SBF’s legal team had negotiated a deal to use certain encrypted apps under strict supervision, however, Judge Kaplan overruled it and suggested that he was more concerned about shutting down any encrypted communication than offering SBF a small convenience.
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