Tags in this story
Former FTX CEO Pleads Guilty to Charges of Fraud, Money Laundering and US Campaign Finance Violations – Bitcoin News
About 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 incredibly sorry for my role in all of this.”
Singh is cooperating with authorities in FTX investigation; Bankman-Fried declines to comment on Singh’s guilt
Former FTX engineering chief Nishad Singh pleaded guilty to charges of wire fraud, conspiracy to commit fraud, money laundering and violating US campaign finance laws, according to reports.
“I am incredibly 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 US investigation after FTX collapsed.
Singh stated that he knew around mid-2022 that Alameda Research was using client funds, and he also promised to forfeit the income he received 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 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 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 of FTX and Alameda Research? Share your thoughts in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Editorial image 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 an endorsement or recommendation of 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 content, goods or services mentioned in this article.
