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HomeLatest NewsFTX co-founder Nishad Singh pleads guilty to his firm's fraud

FTX co-founder Nishad Singh pleads guilty to his firm’s fraud

Date: December 3, 2023 Time: 06:49:37

The co-founder of the cryptocurrency platform FTX Nishad Singh, a former partner of Sam Bankman-Fried, has pleaded guilty to fraud in the open case against his company, which filed for bankruptcy on November 11, various media reports. With Singh’s guilty plea, there are now three people from Bankman-Fried’s closest circle who have acknowledged his responsibility.

The former director of the investment arm of FTX Alameda Research Carolyn Ellison and the also co-founder of FTX Gary Wang already pleaded guilty to fraud on December 22 and the Prosecutor’s Office.

This new twist in the case of the crypto platform comes less than a week after the US federal authorities charged the founder of the ill-fated FTX with four new crimes, in relation to the theft of money from his clients’ deposits. to support those of the company and its associated investment fund, Alameda Research, to make charitable contributions and political donations and to enrich themselves.

Match a complaint against Singh

In addition, it coincides with a statement from the Securities and Exchange Commission (SEC) in which it announces that it has filed a complaint against Singh “for his role in a multi-year plan to defraud capital investors in FTX, the cryptocurrency trading platform started by Singh together with Samuel Bankman-Fried and Gary Wang.”

According to the SEC’s complaint, Singh created software code that allowed FTX client funds to be diverted to Alameda Research; Furthermore, he alleges that he actively participated in the scheme to deceive FTX investors.

The SEC also maintains that as FTX neared bankruptcy, Singh lost approximately $6 million of FTX for personal use and expenses, including the purchase of a multi-million dollar home and donations to charitable causes. Bankman-Fried, who has pleaded not guilty and is out on bail at her parents’ home in California, facing a total of 12 criminal charges.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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