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FTX Exec Singh Set to Plead Guilty To Fraud

 |  February 20, 2023

Another FTX executive will reportedly plead guilty in the fraud case against the company’s founder.

Nishad Singh, the cryptocurrency exchange’s former engineering director and part of founder Sam Bankman-Fried’s inner circle, has been working out a deal with federal prosecutors, Bloomberg News reported Friday (Feb. 17).

The report, which cites sources familiar with the matter, said prosecutors had been preparing to file fraud charges against Singh.

Another source said Singh also faces lawsuits from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

Read more: Binance Exec Admits To Past ‘Gaps’ In Compliance

Assuming Singh pleads guilty and cuts a deal with the U.S. Justice Department (DOJ), he would become at least the third high-profile FTX executive to cooperate with the investigation following a plea agreement.

Reports emerged last month that the DOJ was investigating Singh, who once lived at Bankman-Fried’s Bahamas penthouse and was part of his inner circle along with former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang.

Ellison and Wang pleaded guilty in December to charges against them for their roles in the collapse of FTX and its associated companies and are cooperating with authorities.