Former FTX Executive Nishad Singh Avoids Prison Time: Must Forfeit $11 Billion
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TLDR: Nishad Singh, former FTX engineering head, received no jail time but 3 years supervised release Singh was a key witness against Sam Bankman-Fried, who got 25 years in prison Judge praised Singh’s “remarkable” cooperation with authorities Singh must forfeit $11 billion and helped recover assets in bankruptcy proceedings Current FTX CEO John Ray III advocated for leniency due to Singh’s continued assistance Former FTX engineering director Nishad Singh avoided prison time Wednesday when Judge Lewis Kaplan sentenced him to time served and three years of supervised release. The decision marks the fourth sentencing of former FTX executives following the crypto exchange’s collapse in late 2022. Singh, 29, faced up to 75 years in prison after pleading guilty to six criminal charges, including conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to violate campaign finance laws. The court also ordered him to forfeit $11 billion. Speaking softly in court, Singh expressed remorse for his actions. “I strayed from my values and don’t expect forgiveness,” he told the court. Before the hearing, witnesses observed him practicing his statement alone in the elevator bank, holding a single printed page. Judge Kaplan: Your cooperation has been remarkable. You are a very important cooperator. It has contributed to an appropriate outcome all around. Caroline Ellison got credit, but you deserve more. I sentence you to time served, 3 years supervised release — Inner City Press (@innercitypress) October 30, 2024 Judge Kaplan praised Singh’s cooperation with authorities as “remarkable” during the sentencing. “You did the right thing, quickly,” Kaplan said, noting that Singh’s involvement in the fraud was far more limited than that of FTX founder Sam Bankman-Fried or former Alameda Research CEO Caroline Ellison. Prosecutors revealed they met with Singh at least 24 times for multiple hours. Nicolas Roos, one…
Filed under: News - @ October 31, 2024 4:19 pm