Almost 11 days ago, it was reported that Nishad Singh, former director of engineering at FTX, was working with federal prosecutors to arrange a plea deal. On Tuesday, Singh pleaded guilty to the criminal charges and said, “I am incredibly sorry for my part in all of this.”
Singh is cooperating with the authorities in the FTX investigation; Bankman-Fried declined to comment on Singh’s guilty plea
Former FTX engineering director Nishad Singh has pleaded guilty to charges of fraud, conspiracy to commit fraud, money laundering and violating campaign finance laws in the United States, according to reports.
“I am incredibly sorry for my part in all of this,” Singh said in a New York court on Tuesday. During the hearing, Singh’s attorney, Danielle Sasson, explained that Singh had returned from the Bahamas to assist in the US investigation after the collapse of FTX.
Singh stated that he learned around mid-2022 that Alameda Research was using customer funds, and also vowed to forfeit the proceeds he received from the scheme. Reuters first reported the story, and after Singh’s plea, the publication contacted Sam Bankman-Fred (SBF) for comment.
According to the report, a Bankman-Fried spokesperson declined to comment. Singh’s admission 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 counts, including bank fraud, after four new counts were added to the initial indictment.
What do you think of this guilty plea for the ongoing investigation into FTX and Alameda research? Share your thoughts in the comments section below.
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