The former top executive of failed cryptocurrency trading platform FTX has pleaded guilty and is cooperating with federal prosecutors investigating the alleged billion-dollar fraud at the now collapsed exchange.
Nishad Singh, the disgraced former director of engineering at FTX, has pleaded guilty to six heinous conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finances laws.
Nishad Singh, the disgraced former director of engineering at FTX, has pleaded guilty to six counts of conspiracy, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finances laws.
Nishad Singh, the disgraced former director of engineering at FTX, has pleaded guilty to six serious conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finances laws.
Gary Wang, co-founder of FTX, Caroline Ellison, the former head of FTX’s sister hedge fund Alameda Research, and Singh, the third top executive and close confidante of FTX founder Sam Bankman-Fried have all pleaded guilty and are cooperating against Bankman-Fried.
The latest guilty plea in the FTX case underscores the vast scale of the crimes committed, according to US Attorney Damian Williams. The fraud rocked the financial markets, and the illegal campaign contributions corrupted politics. The US Attorney vowed to seek swift and certain justice in this case.
The Securities and Exchange Commission and Commodity Futures Trading Commission filed civil fraud charges against Singh, which he agreed to settle. As part of the SEC deal, Singh will be barred from serving as an officer of director. A judge will need to sign off on the deal and decide how much in penalties and disgorgement Singh will be required to pay, in addition to the length of the officer or director ban.
The CFTC said Singh doesn’t contest his liability and is seeking restitution, disgorgement, and permanent trading bans.
Bankman-Fried, the alleged mastermind behind one of the largest financial frauds in history, is currently facing 12 criminal charges. He has pleaded not guilty to some of the charges and will appear in court in the future to be arraigned on some of the charges. He has been released on a $250 million bond.