The former engineering head of bankrupt crypto exchange FTX, Nishad Singh was convicted in the latest court trial in the U.S criminal charges.
Nishad Singh committed six fraud-related crimes that include violating campaign finance laws, committing securities fraud, and money laundering, among other charges.
He admittedly said, “I am unbelievably sorry for my role in all of this,” further, he disclosed that he was aware of illicit activity by FTX CEO Sam Bankman-Fried’s hedge fund, Alameda Research. The hedge fund allegedly borrowed customers’ funds for trading purposes without acknowledgement or consent.
Manhattan U.S. Attorney Damian Williams commented, “Today’s guilty plea underscores once again that the crimes at FTX were vast in scope and consequence,”
“They rocked our financial markets with a multibillion-dollar fraud. And they corrupted our politics with tens of millions of dollars in illegal straw campaign contributions.” The U.S. Attorney further stated, “These crimes demand swift and certain justice and that is exactly what we are seeking in the Southern District of New York.”
Two regulatory authorities, The Securities and Exchange Commission and the Commodity Futures Trading Commission filed relevant complaints against Singh on Tuesday.
Former Alameda Research co-CEO Caroline Ellison and FTX co-founder Gary Wang were found guilty back in December in the Southern District of New York.
Surprisingly, During the trial in January, SBF was found not guilty in all eight criminal charges, including wired fraud and money laundering charges. The subsequent trial is scheduled for Oct 2.
Also read: $40M loss in FTX Collapse led Hedge Fund Galois Capital’s fold
