FTX ex-engineering chief Nishad Singh pleads guilty to criminal charges

FTX ex-engineering head Nishad Singh pleaded guilty to criminal charges in New York on Tuesday, becoming the latest member of Sam Bankman-Fried’s former leadership team to agree to a deal.

FTX ex-engineering head Nishad Singh pleaded guilty to criminal charges in New York on Tuesday, becoming the latest member of Sam Bankman-Fried’s former leadership team to agree to a deal.

The six charges include conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to violate campaign finance laws. FTX spiraled into bankruptcy in November after the crypto exchange, founded by Bankman-Fried, couldn’t meet customers’ withdrawal demands.

“Today’s guilty plea underscores once again that the crimes at FTX were vast in scope and consequence,” Manhattan U.S. Attorney Damian Williams said in a statement. “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. These crimes demand swift and certain justice and that is exactly what we are seeking in the Southern District of New York.”

The Securities and Exchange Commission and the Commodity Futures Trading Commission filed related civil complaints against Singh on Tuesday. The SEC said in a release that Singh is cooperating with its investigation, and he has separately agreed to settle with the CFTC.

Two of the criminal charges are related to wire fraud, and another is conspiracy to commit commodities fraud.

https://www.nbcnews.com/tech/crypto/ftx-engineering-chief-pleads-guilty-rcna72722

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