US Attorney requests SEC and CFTC civil cases against SBF wait until after criminal trial

Can the criminal case results provide needed evidence to civil cases? The US Attorney seems to think so.

Damian Williams, United States Attorney for the Southern District of New York, has petitioned the court to delay civil proceedings against former FTX chief executive officer Sam Bankman-Fried “until the conclusion of the parallel criminal case”.

In Feb. 7 filings, Williams requested that the court issue an order staying civil proceedings as well as discovery from the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission against Bankman-Fried until after his criminal case, scheduled to go to trial in October. According to Williams, the criminal case against Bankman-Fried was “likely to have a significant impact” on the SEC and CFTC civil cases.

“All of the facts at issue in the Civil Cases are also at issue in the Criminal Case,” said the filing. “Indeed, as to the scheme to defraud FTX.com customers, the scheme to defraud FTX.com investors, the conspiracy to commit securities fraud by materially misleading FTX.com investors, and the conspiracy to commit commodities fraud by misappropriating FTX.

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