FTX CEO Pleads SBF’s Closest Name Guilt: SEC and CFTC Are Also Involved!

Former FTX head of engineering Nishad Singh has admitted to fraud and campaign finance charges related to the company’s collapse.

Singh appeared in Manhattan federal court for his defense hearing on Tuesday. Singh became the third close associate of FTX co-founder Sam Bankman-Fried to plead guilty.

Sues Former FTX Executive Nishad Singh In SEC And CFTC

In addition, according to court documents, the SEC and CFTC have filed a civil lawsuit against Nishad Singh, FTX’s former head of engineering.

Singh signed a consent order in the CFTC case, subject to court approval.

“Today’s confession underlines once again that crimes in FTX are enormous in scope and outcome,” said Damian Williams, U.S. Attorney for the Southern District of New York.

“They rocked our financial markets with a billion-dollar scam. And they corrupted our politics with their illegal election campaign contributions of tens of millions of dollars. These crimes require swift and decisive justice, and that’s exactly what we’re looking for in the Southern District of New York.”

Two other former top associates of Bankman-Fried, Gary Wang and Caroline Ellison, pleaded guilty last year to charges related to their roles at FTX and Alameda Research and are working with prosecutors.

Singh joined Alameda in 2017 and helped write the software on which FTX is based. He also had a close personal relationship with Bankman-Fried and lived with him in a penthouse in the Bahamas.

In a revised indictment filed against Bankman-Fried last week, prosecutors were swayed by political donations. cryptocurrency They claimed it was a fraudulent attempt to influence the unit’s regulation.

*Not investment advice.