Former FTX Director Pleads Guilty to Charges of Fraud, Money Laundering, and US Campaign Finance Violations – Bitcoin News
2 min read
Roughly 11 days ago, it was reported that Nishad Singh, the former director of engineering at FTX, was working with federal prosecutors to arrange a plea deal. On Tuesday, Singh pleaded guilty to criminal charges and stated, “I am unbelievably sorry for my role in all of this.”
Singh Cooperating With Authorities in FTX Investigation; Bankman-Fried Declines to Comment on Singh’s Guilty Plea
Former FTX director of engineering Nishad Singh pleaded guilty to charges of wire fraud, conspiracy to commit fraud, money laundering, and violating campaign finance laws in the United States, according to reports.
“I am unbelievably sorry for my role in all of this,” Singh said in a New York court on Tuesday. During the hearing, Singh’s prosecutor, Danielle Sassoon, explained that Singh flew back from the Bahamas to assist with the U.S. investigation after FTX collapsed.
Singh stated that he knew around mid-2022 that Alameda Research was using customer funds, and he also pledged to forfeit the proceeds he obtained from the scheme. Reuters first reported the news, and following Singh’s plea, the publication contacted Sam Bankman-Fried (SBF) for comment.
According to the report, a spokesman for Bankman-Fried declined to comment. Singh’s plea comes after ex-Alameda CEO Caroline Ellison and FTX co-founder Gary Wang pleaded guilty. Ellison provided a detailed account that also acknowledged the use of customer funds in the FTX/Alameda scheme. Bankman-Fried faces 12 charges, including bank fraud, after four new charges were added to his initial indictment.
What do you think this guilty plea means for the ongoing investigation into FTX and Alameda Research? Share your thoughts in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: mundissima / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer
