Former FTX Head of Engineering Nishad Singh Avoids Prison Sentence
Nishad Singh, the former head of engineering at the collapsed cryptocurrency exchange FTX, has been sentenced to time served and three years of supervised release for his role in the multibillion-dollar fraud that led to the company’s downfall. Singh’s sentence, handed down by Judge Lewis A. Kaplan in New York, also includes an $11 billion forfeiture, making him the fourth former FTX employee to face consequences in court.
During the sentencing, Judge Kaplan noted Singh’s “remarkable” cooperation with authorities and determined that his role in the fraud was significantly less than that of FTX founder Sam Bankman-Fried or Caroline Ellison, the former CEO of Alameda Research. Singh’s attorney, Andrew Goldstein, successfully argued for leniency, citing Singh’s personal history, limited involvement in the misconduct, and efforts to rebuild his life since FTX’s collapse.
Singh pleaded guilty to six criminal charges early last year and faced a potential 75-year sentence. However, prosecutors acknowledged his extensive cooperation, revealing that he met with them over 24 times and provided crucial information on previously unknown crimes, including a campaign finance scheme that would have likely remained undiscovered without his input.
In contrast, other FTX executives received harsher sentences. Ellison was sentenced to two years in prison, while Bankman-Fried received a 25-year sentence. Ryan Salame, who led FTX Digital Markets and chose not to cooperate in the case against Bankman-Fried, was sentenced to seven and a half years in prison for his role in an unlawful campaign finance operation. Gary Wang, the last cooperating witness, is set to be sentenced on November 20.
Source:
Former FTX’s Head of Engineering Nishad Singh Dodges Prison. (2023, October 31). CryptoPotato. https://cryptopotato.com/former-ftxs-head-of-engineering-nishad-singh-dodges-prison/
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