The post Ex-FTX engineering head avoids prison, sentenced to 3 years supervised release appeared on BitcoinEthereumNews.com.

Nishad Singh, former director of engineering at FTX, has been sentenced to time served with three years of supervised release for his role in the exchange’s collapse. He will not serve any prison time. Singh, who was a government witness in FTX founder Sam Bankman-Fried’s criminal trial last fall, in February 2023 pleaded guilty to six charges, including conspiracy to commit money laundering and conspiracy to commit campaign finance violations.  His lawyers earlier this month asked the court to sentence Singh to no prison time.  “I’m not foolish enough to think there was no self interest involved, obviously,” Judge Lewis Kaplan told Singh of his cooperation. “But you did the right thing.”  Singh’s parents, fiancé and numerous extended family members and friends filled the gallery Wednesday afternoon. After handing down his sentence, Kaplan addressed Singh’s parents.  “This is purely personal,” he said. “I don’t see anything you did wrong.”  Singh’s mother mouthed “thank you” to Kaplan in response.  The guideline sentencing for Singh’s offenses and criminal history suggested 75 years in prison, court filings show. Kaplan on Wednesday told Singh that his cooperation was “remarkable.”  Prosecutors in a letter to the court last week emphasized Singh’s “exemplary cooperation” that contributed to the “successful prosecutions” of Bankman-Fried and former FTX Digital Markets CEO Ryan Salame.  Read more: SBF’s ambitions went too far, judge says when handing down 25-year sentence  Bankman-Fried is currently serving a 25 year sentence after being convicted of two counts of wire fraud, two counts of conspiracy to commit wire fraud, one count of conspiracy to commit securities fraud, one count of conspiracy to commit commodities fraud and one count of conspiracy to commit money laundering.  Salame is currently serving a 7.5 year sentence after he pleaded guilty to two counts of campaign finance violations and operating an…

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Filed under: News - @ October 30, 2024 8:28 pm