Civil cases brought by U.S. regulators against former FTX CEO Sam Bankman-Fried can be pushed back until after a criminal case concludes, a judge decided Monday.
Damian Williams, U.S. Attorney for the Southern District of New York, submitted a motion to stay last week to hold off on civil proceedings until the Justice Department’s case against the former CEO is complete.
Bankman-Fried faces criminal charges such as defrauding customers and violating campaign finance laws. The Commodity Futures Trading Commission also charged him with civil charges for fraud and said Bankman-Fried, FTX and Alameda Research caused the loss of over $8 billion in customer deposits. The Securities and Exchange Commission brought similar charges.
Both the CFTC and SEC cases will now be pushed back until the criminal case's conclusion.
FTX collapsed in November and subsequently filed for bankruptcy protection. Bankruptcy proceedings remain ongoing.