Former FTX Director Pleads Guilty to Charges of Fraud – Reports indicate that Nishad Singh, who was previously the director of engineering at FTX, has confessed to committing wire fraud, engaging in fraud conspiracy, money laundering, and breaching campaign finance laws in the United States.
“I am unbelievably 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 U.S. investigation after FTX collapsed.
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According to reports, Singh has admitted to being aware in mid-2022 that Alameda Research was utilizing funds belonging to customers, and he has committed to relinquishing the profits he gained from the scheme. Reuters initially broke the story, and after Singh’s confession, the news outlet reached out to Sam Bankman-Fried (SBF) for his response.
As per the report, a representative for Bankman-Fried chose not to provide a statement. Singh’s plea follows the guilty pleas of former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang. In her testimony, Ellison provided a comprehensive description that recognized the utilization of customer funds in the FTX/Alameda scheme. Bankman-Fried, who is facing twelve charges, including bank fraud, has been indicted with four additional charges.
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