About 11 days ago, it was reported that Nishad Singh, the former engineering director at FTX, was working with federal prosecutors to reach a plea bargain. On Tuesday, Singh pleaded guilty to criminal charges, declaring: “I am terribly sorry for my role in all of this.”
Singh Cooperates With Authorities In FTX Investigation; Bankman-Fried refuses to comment on Singh’s guilty plea
Former FTX engineering director Nishad Singh pleaded guilty to charges of wire fraud, conspiracy to commit fraud, money laundering and violation of campaign finance laws in the United States, according to reports.
“I am incredibly sorry for my role in all of this,” Singh said in a New York court on Tuesday. During the hearing, Singh’s prosecutor, Danielle Sassoon, explained that Singh flew back from the Bahamas to help with the US investigation after FTX’s collapse.
Singh stated that he knew in mid-2022 that Alameda Research was using client funds and also vowed to lose any profits he made from the scheme. Reuters was first to report the news and, following Singh’s request, the publication contacted Sam Bankman-Fried (SBF) for comment.
According to the report, a spokesperson for Bankman-Fried declined to comment. Singh’s guilty plea comes after former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang pleaded guilty. Ellison provided a detailed account that also acknowledged the use of client funds in the FTX/Alameda scheme. Bankman-Fried faces 12 charges, including bank fraud, after four new charges were added to his initial indictment.
What do you think this guilty plea means for the ongoing investigation into FTX and Alameda Research? Share your thoughts in the comments section below.
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