Nishad Singh, former director of engineering for collapsed crypto exchange FTX and right-hand man of Sam Bankman-Fried, is preparing to reach a plea agreement with US prosecutors
as of friday reports From Bloomberg, the former FTX executive plans to plead guilty to fraud charges for his role in the alleged scheme. Citing people familiar with the matter, the report said Manhattan prosecutors are preparing to file fraud charges against Singh.
Singh is likely to cooperate with authorities in the plea deal, which could further alienate Bankman-Fried, who has pleaded not guilty An eight-count indictment awaits further trial. The deal with Singh is yet to be finalised.
Other executives of FTX and its affiliates are Caroline Ellison, former CEO of Alameda Research. agreed to plead guilty to seven felonies, including charges of wire fraud, securities fraud and money laundering.
Similarly, Gary Wang, former chief technology officer of FTX, has pleaded guilty to criminal charges. Both Ellison and Wang are cooperating with federal investigators.
The report said the Commodity Futures Trading Commission and the Securities and Exchange Commission, two top US market regulators, plan to prosecute Singh over his role in the alleged scheme.
Singh, 27, played a major role in day-to-day operations at FTX as head of engineering. He initially joined Almeida in 2017, before founding FTX two years later with Wang and Bankman-Fried.
Notably, he is a graduate of the University of California at Berkeley, where he met his longtime girlfriend, Claire Watanabe, who later joined FTX as head of marketing and HR.
Latest Developments in the FTX Saga
FTX and its group of crypto companies filed for Chapter 11 bankruptcy In early November. Sam Bankman-Fried was arrested later after criminal charges were formally filed against him by US prosecutors in the Bahamas. He was eventually extradited to the US where he was later released from prison. posting a $250m bond in a New York court.
Bankman-Fried has been indicted on eight criminal charges, including wire fraud and conspiracy by misappropriating customer funds. He is facing over 100 years in prison for the crimes he has been accused of. He is due in federal court in October.
In the latest development in the FTX saga, a New York judge have kept Cases brought by the SEC and CFTC against the former FTX CEO are put on hold until the criminal cases against them are exhausted.
Furthermore, in new court documents there is finally revealed The identities of the two mysterious co-signers on FTX founder Sam Bankman-Fried’s bond, who turned out to be Andreas Paepke and Larry Kramer, professors at Stanford University and close friends of SBF’s parents.
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