Former FTX Executive Set for Sentencing in $8B FTX Fraud
The post Former FTX Executive Set for Sentencing in $8B FTX Fraud appeared on BitcoinEthereumNews.com.
rFormer crypto executive Nishad Singh is ready to find out his sentence on Wednesday for his role in his one-time boss Sam Bankman-Fried’s misappropriation of an estimated $8 billion in customer funds from the now-bankrupt FTX exchange. Singh pleaded guilty to six felony counts of fraud and conspiracy, testifying as a prosecution witness last year in Bankman-Fried’s fraud trial. In a plea agreement, Singh accepted his role in what prosecutors have called one of the largest financial frauds in US history and admitted acting as a “straw donor” in Bankman-Fried’s significant political donations. FTX Exec Nishad Singh Faces Sentencing Amidst Cooperation Efforts in $8B Fraud Nishad Singh, former chief engineer of FTX, faces sentencing on Wednesday for his role in the $8 billion fraud orchestrated by Sam Bankman-Fried. Singh’s involvement contributed to FTX’s collapse and massive investor losses. Ahead of sentencing, FTX bankruptcy CEO John J. Ray III issued a letter to Judge Lewis Kaplan, emphasizing Singh’s cooperation with debtors. The letter details Singh’s efforts to assist, including returning Bahamian property bought with company funds.He also gave all documents, and responded regularly to investigative inquiries. Ray said Singh and the debtors were working on a pact for Singh to offer continuing cooperation. This could include testifying in bankruptcy court and assisting with asset recovery. He also wrote that Singh was among the most senior executives at FTX prior to the Chapter 11 case, Therefore, he is uniquely knowledgeable about the company’s systems and procedures. He was also introduced to many of the material events and transactions that happened. Judge to Decide Fate of FTX Engineer Who Helped Recover Millions Sam Bankman-Fried, 32, is serving 25 years in the Metropolitan Detention Center in Brooklyn after FTX – the cryptocurrency exchange he founded – blew up in November 2022. Nishad Singh, at…
Filed under: News - @ October 30, 2024 7:27 pm