Former FTX Chief Engineer Found Guilty of a Criminal Offense by the SEC

In the most recent court case in the United States, Nishad Singh, who used to be the engineering head of the now-defunct cryptocurrency exchange FTX, was found guilty of all felony counts.

Nishad Singh is accused of six different types of fraud. Among other things, he is accused of breaking laws about campaign funding, committing fraud with securities, and laundering money.

Former FTX Chief Engineer Found Guilty of a Criminal Offense by the SEC
Former FTX Chief Engineer Found Guilty of a Criminal Offense by the SEC

He also said that he is “unbelievably sorry” for his own part in what has happened. He admitted that he knew that FTX CEO Sam Bankman-Hedge Fried’s fund, Alameda Research, had done something wrong.Allegations say that the hedge fund stole money from its clients and used it to trade without their knowledge or permission.

Damian Williams, the United States Attorney for the Southern District of New York, said in response to the guilty plea that “today’s guilty plea highlights once again that the crimes at FTX were broad in scope and impact.”

They shook up our financial markets by defrauding several billion dollars’ worth of investors. And by funneling tens of millions of dollars in illicit campaign donations via straw organizations, they tainted our political system. In a supplementary statement, the United States Attorney said, “These offenses deserve speedy and definite punishment, and that is precisely what we are pursuing in the Southern District of New York.”

The Securities and Exchange Commission and the Commodities Futures Trading Commission both filed complaints against Singh on Tuesday that were relevant to the situation.

In the Southern District of New York, a verdict of guilty was handed down in December for the former co-CEO of Alameda Research, Caroline Ellison, as well as Gary Wang, co-founder of FTX.

Interestingly, the court in January declared SBF not guilty of any of the eight criminal allegations brought against the company, including the counts of wire fraud and money laundering. The second trial is planned to take place on October 2nd.

Compiled by Coinbold