sinking cryptocurrency Another former member of Sam Bankman-Fried’s inner circle plans to plead criminal charges in the United States for his role in years of fraudulent allegations on the stock exchange FTX.
According to people familiar with the matter, Nishad Singh is trying to strike a deal with Manhattan prosecutors who are preparing to file fraud charges against him.
The Circle Shrinks for Former FTX CEO Sam Bankman-Fried
Such an agreement, which may include co-operation with the authorities, would further isolate Bankman-Fried, who has pleaded not guilty to an eight-point indictment and is awaiting trial. The deal with Singh still needs to be finalized.
Two other former senior associates of Bankman-Fried, Gary Wang and Caroline Ellison, pleaded guilty last year to their roles at FTX and Alameda Research and are working with prosecutors.
A person who did not want to be named said that the top US market regulators, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), also plans to sue Singh for his alleged role in the scheme. He said it was not made public.
Singh played a key role in FTX’s day-to-day operations as the company’s engineering director. He also had a close personal relationship with Bankman-Fried and lived with him in a penthouse in the Bahamas. Singh was hired at Alameda in 2017 before co-founding FTX with Wang and Bankman-Fried two years later.
Singh helped write the software on which the exchange is built and contributed to the launch of FTX US in 2020.
*Not investment advice.
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