Former FTX executive Nishad Singh negotiating guilty plea on fraud charges: Bloomberg

Nishad Singh, a former executive at bankrupt Bahamas-based cryptocurrency exchange FTX.com, may be leaning towards pleading guilty to fraud charges for his involvement in the company’s last November

By Lachlan Keller2023-02-20 3:57 AM UTC

NEW YORK, NEW YORK – FEBRUARY 09: FTX Founder Sam Bankman-Fried arrives at Manhattan Federal Court for a court appearance on February 09, 2023 in New York City. Bankman-Fried is charged with eight criminal counts of fraud, conspiracy, and money-laundering offenses which include making illegal political contributions. A judge recently rejected an agreement that would have permitted Bankman-Fried to use certain messaging apps his lawyers have also moved to block the release of his bail guarantors’ identities. (Photo by Michael M. Santiago/Getty Images)

Nishad Singh, a former executive at bankrupt Bahamas-based cryptocurrency exchange FTX.com, may plead guilty to fraud charges for his involvement in the company’s last November, Bloomberg reported on Friday.

Fast facts

Singh is reportedly negotiating a deal with Manhattan prosecutors in the case, according to unnamed sources familiar with the matter cited by Bloomberg.
The U.S. Securities and Exchange Commission and Commodities and Futures Trading Commission are reportedly considering pressing additional charges against Singh for involvement with FTX.
Singh can place additional pressure on former FTX chief executive and founder Sam Bankman-Fried by accepting the deal with the prosecutors. Bankman-Fried pleaded not guilty to an eight-charge indictment related to the bankrupt exchange.
Bankman-Fried was arrested in the Bahamas on Dec. 12 at the request of U.S. authorities, who accuse him of fraud. He is currently under house arrest at his parents’ residency in California, with his first trial date set for Oct. 2, 2023.
FTX co-founder Gary Wang and the former CEO of FTX’s sister trading firm Alameda Research, Caroline Ellison, have pleaded guilty to related charges for their involvement in the firm’s collapse.
Singh was the former head of engineering at FTX after joining Alameda in 2017. He reportedly had a close relationship with Bankman-Fried as his housemate at a Bahamans penthouse.
Singh received a US$543 million personal loan from Alameda Research, according to filings from the FTX bankruptcy estate, now headed by John J. Ray III.