Former FTX Director Nishad Singh Pleads Guilty to US Criminal Charges

Joshua Ramos
Source: Top Class Actions

Reuters reported that former FTX director of engineering, Nishad Singh, has pleaded guilty to US criminal charges. Singh’s lawyer announced his agreement to a guilty plea before a judge in a case that took place today. The former director was charged for his role in the fraudulent activity taking place at the bankruptcy exchange platform.

The charges against Singh reportedly came from prosecutor’s intensified investigation into former CEO Sam Bankman-Fried’s inner circle. Moreover, the co-founder of the exchange was charged with eight counts of fraud and conspiracy in December, with an additional four charges being added last month.

Former FTX Director Pleads Guilty

The collapse of FTX is perhaps the greatest financial crime in the relatively young history of the digital asset industry. Sam Bankman-Fried executed a fraud scheme that misused billions in customer funds, and is currently in the custody of authorities and awaiting a trial.

As prosecutors have increased their investigation into his inner circle, former FTX director Nihad Singh has pleaded guilty to US criminal charges in a court appearance today. Reuters reported the plea, and note that it comes “after two of Bankman-Fried’s closest associates in December agreed to cooperate with prosecutors.”

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Source: The Hindu

Alameda Research CEO, Caroline Ellison, and FTX co-founder, Gary Wang, both pleaded guilty to their respective criminal charges. Additionally, former FTX lawyer, Daniel Friedberg, agreed to cooperate with authorities but was informed he would not be the subject of an investigation.

Singh, along with Ellison and Wang, have pleaded guilty to their role in the FTX fraud. Conversely, Bankman-Fried himself has pleaded not guilty to the now 12 criminal charges facing him currently.