Indian-Origin Engineer Nishad Singh Pleads Guilty To FTX Crypto Fraud Charges

The Securities and Exchange Commission charged Indian-origin engineer Nishad Singh, who was the co-lead engineer for FTX, and he decided to plead guilty to commodities fraud and other charges.

A 27-year-old Indian-origin engineer at a crypto asset trading platform has pleaded guilty to charges of commodities fraud.

Nishad Singh was the former co-lead engineer of FTX Trading Ltd. He is facing federal charges for his role in a multiyear scheme to defraud equity investors in FTX, the crypto trading platform started by Singh along with Samuel Bankman-Fried and Gary Wang.

In December last year, federal authorities had charged Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX.

The Securities and Exchange Commission charged Singh Tuesday. In a parallel action, the US Attorney’s Office for the Southern District of New York and the Commodity Futures Trading Commission (CFTC) also announced charges against Singh.

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Singh entered a guilty plea as to commodities fraud and other charges in the separate, parallel action against him in the Southern District of New York.

According to the SEC’s complaint, Singh created a software code that allowed FTX customer funds to be diverted to Alameda Research, a crypto hedge fund owned by Bankman-Fried and Wang, despite false assurances by Bankman-Fried to investors that FTX was a safe crypto asset trading platform with sophisticated risk mitigation measures to protect customer assets and that Alameda was just another customer with no special privileges.

The complaint alleges that Singh knew or should have known that such statements were false and misleading.

Last year, Sam Bankman-Fried’s parents bought a Bahamas vacation home with $121 million in FTX money. Professors of law Joseph Bankman and Barbara Fried from Stanford University were identified as signatories on a property in Old Fort Bay that was allegedly utilised as a vacation home.

Read more here.

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  1. Bad take. His parents are the type that have never even had a speeding ticket. His apple didn’t fall far from the tree either.

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