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Former FTX director pleads guilty to fraud, money laundering and US campaign finance violations –

Around 11 days ago it was reported that Nishad Singh, the former technical director at FTX, was working with federal prosecutors to arrange a plea deal. On Tuesday, Singh pleaded guilty, declaring, “I’m incredibly sorry for my role in all of this.”

Singh Cooperates With Authorities In FTX Investigation; Bankman-Fried declined to comment on Singh’s guilty plea

Former FTX technical director Nishad Singh reportedly pleaded guilty to charges of wire fraud, conspiracy to commit fraud, money laundering and violating campaign finance laws in the United States.

“I’m 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, stated that Singh flew back from the Bahamas to assist with the US investigation following the FTX collapse.

Singh said he knew in mid-2022 that Alameda Research was using client funds, and he also vowed to forfeit any proceeds he had earned from the program. Reuters was the first to report the news and at Singh’s request, 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 confirmed the use of client funds in the FTX/Alameda program. Bankman-Fried faces 12 charges, including bank fraud, after four new charges were added to his original indictment.

What do you think this guilty plea means for the ongoing investigations into FTX and Alameda Research? Do share your thoughts in the comment section below.

Former FTX director pleads guilty to fraud, money laundering and US campaign finance violations –, Crypto Trading News

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.




photo credit: Shutterstock, Pixabay, Wiki Commons, Editorial Copyright: mundissima / Shutterstock.com

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Source: Crypto News Deutsch

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