A former top executive of failed cryptocurrency trading platform FTX has pleaded guilty to criminal charges 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 plead 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. This scoundrel’s illegal activities have finally caught up to him, and he will now be brought to justice for his despicable crimes.
As the third top executive to plead guilty, Singh is a close confidante of FTX founder Sam Bankman-Fried. Gary Wang and Caroline Ellison, the former head of FTX’s sister hedge fund Alameda Research, both pleaded guilty last year and are cooperating against Bankman-Fried.
“The guilty plea today is another reminder of the severity of the crimes that were committed at FTX,” said Damian Williams, US attorney for the Southern District of New York. “The fraud at FTX rocked our financial markets, and the illegal campaign contributions corrupted our politics. We are seeking swift and certain justice in the Southern District of New York.”
The Securities and Exchange Commission and Commodity Futures Trading Commission have filed civil fraud charges against Singh, which he agreed to settle. As part of the SEC deal, Singh agreed to 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.