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HomeBusinessFormer FTX Engineering Director Nishad Singh might plead guilty, Bloomberg reports

Former FTX Engineering Director Nishad Singh might plead guilty, Bloomberg reports

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Sam Bankman (left) and Nishad Singh (right)

According to Bloomberg, Nishad Singh, the former director of engineering at FTX might plead guilty to fraud charges. The outlet said that the plea deal with the federal prosecutors in New York had not been finalized, as yet. However, the 27-year-old had met prosecutors and could be considering a plea deal, the terms of which are currently unknown. Former CEO Sam Bankman-Fried is continuing with a not guilty plea and is at his parents’ home in Palo Alto, after posting a bond.

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According to filings from the FTX bankruptcy estate, Nishad Singh received a personal loan of $543 million from Alameda Research. John Jay Ray III, a bankruptcy expert is heading the bankruptcy proceedings of the crypto exchange FTX.

According to reports, Nishad Singh is also facing potential charges from regulators such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), for his reported role in the scheme that led to the collapse of FTX.

Nishad Singh met his longtime girlfriend Claire Watanabe at University of Berkeley, of which he is a graduate. He joined the crypto exchange as the director of engineering while she joined FTX as the head of marketing and HR. They lived in the same luxurious penthouse in the Bahamas, where Sam Bankman-Fried, Caroline Ellison and Gary Wang also resided, before the collapse of the crypto exchange.

 

The board of FTX and what was considered to be its inner circle consisted of following quartet:
Sam Bankman-Fried, who was a founder of FTX and its chief executive
Caroline Ellison, who was the CEO of Alameda Research
Gary Wang who was a co-founder of FTX and its chief technology officer
Nishad Singh, who was the director of engineering.

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As of now three of the quartet have pleaded guilty. Sam Bankman-Fried is the only one who has pleaded not guilty. He can change his plea to guilty as three of his board members have already accepted their roles in the collapse of FTX that ruined thousands of small traders who invested in the company.

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Judge says former FTX CEO Sam Bankman-Fried’s bail can be revoked

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