Singh is the third executive at FTX and its sister trading firm, Alameda Research to plead guilty to federal fraud charges.
The co-founder of the bankrupt cryptocurrency company FTX, Nishad Singh, pleaded guilty on Tuesday to six charges of criminal fraud for his role in a scheme to defraud investors, becoming the third company executive to plead guilty amid a federal investigation into the crypto giant following its high-profile collapse and the fall of its beleaguered former leader, Sam Bankman Fried.... [+]Key Facts
Singh pleaded guilty in a federal District Court in New York to three counts of conspiracy to commit fraud, one count of wire fraud, one count of conspiracy to commit money laundering and one count of conspiracy to violate federal campaign finance laws. Singh is the third FTX executive to plead guilty: former Alameda CEO Caroline Ellison and FTX’s third co-founder, Gary Wang, had bothAll three are cooperating with the federal investigation into Bankman-Fried’s alleged scheme to divert billions of dollars of FTX customer funds to pay expenses at its sister trading firm Alameda Research.
Singh, who also served as the crypto giant’s director of engineering, admitted to falsifying the company’s revenue and making illegal contributions to political candidates with funds diverted from FTX to Alameda, admitting he learned last summer that Alameda was using FTX customer funds and falsified FTX’s revenues at the request of Bankman-Fried to make it seem more attractive to investors.
Singh, 27, also agreed to cooperate with federal prosecutors as part of his plea deal and said he plans to forfeit proceeds from the scheme.75 years. That’s the maximum number of years in prison Singh could face as a result of the charges brought against him, though his plea deal will likely reduce that sentence significantly.Speaking in a federal district court in Manhattan, Singh told U.S.
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FTX co-founder Nishad Singh pleads guilty to fraud and conspiracy charges | EngadgetFTX co-founder Nishad Singh has pleaded guilty to six federal fraud and conspiracy charges.
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