The former director of engineering and a co-founder of FTX, Nishad Singh has pleaded guilty to fraud charges. He will also cooperate with the authorities against FTX founder and former CEO Sam Bankman-Fried, who has pleaded not guilty unlike three members of his inner circle. Gary Wang, Caroline Ellison and most recently Nishad Singh have accepted guilty pleas and are cooperating with the prosecutors.
At a Tuesday hearing in a federal court in Manhattan, New York, the 27-year-old engineer pleaded guilty to six criminal counts. He told U.S. District Judge Lewis Kaplan, “I’m unbelievably sorry for my role in all of this and the harm that it has caused.”
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He also admitted to donating to political candidates and political action committees (PACs) amounts in excess of what is allowed. He said that these funds from Alameda Research had been used to increase Sam Bankman-Fried’s as well as FTX’s political influence. The executives from FTX donated funds to both the Democrats and the Republicans.
Mr. Nishad Singh, who was close friends with the FTX founder Sam Bankman Fried’s younger brother Gabriel Bankman-Fried, is required to testify at any trial, if he is requested by prosecutors to do so, under the terms of his plea agreement.
On Tuesday, both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) also filed civil complaints against Nishad Singh. The agencies said that the former co-founder of FTX was cooperating with them.
Sam Bankman-Fried’s trial has been scheduled for October. The former CEO was released after posting a $250 million bond and is living at his parents’ home in Palo Alto, California. He is facing eight fraud and conspiracy charges and has pleaded not guilty, as of now. Last week, prosecutors added four more charges against him.
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Sam Bankman-Fried denied that he had committed fraud or that he stole funds from customers. He has the option to change his plea to guilty as pressure increases, but it remains to be seen if he does so. Three of his close associates at FTX and Alameda have already pleaded guilty to all the criminal and civil charges placed on them and are cooperating with the authorities.
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Nishad Singh, former FTX engineering chief, becomes the third SBF partner to cooperate with prosecutors