FTX former head of engineering Nishad Singh pleads guilty to criminal charges

Singh has been charged with things like conspiracy to commit securities fraud and conspiracy to commit money laundering, among other charges.

Marco Bello, Reuters

Former head of engineering at FTX, Nishad Singh, pleaded guilty to criminal charges in New York on Tuesday. Among the six charges against Singh are conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to violate campaign finance laws.

"Today's guilty plea underscores once again that the crimes at FTX were vast in scope and consequence," said Manhattan U.S. Attorney Damian Williams in a statement cited by CNBC.

The Securities and Exchange Commission, in addition to the Commodity Futures Trading Commission, have both filed civil complaints against Singh. According to the SEC, Singh is cooperating with the agency’s ongoing investigation into FTX, with Singh agreeing separately to settle with the CFTC.

"Nishad is deeply sorry for his role in this and has accepted responsibility for his actions," noted Singh’s lawyers. "He wants to do everything he can to make things right for victims, including by assisting the government to the best of his ability in this case."

FTX founder, Sam Bankman-Fried
FTX founder, Sam Bankman-Fried.

© Lam Yik, Bloomberg

In addition to Singh’s guilty plea, FTX co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison likewise pleaded guilty back in December to federal charges brought against them in the Southern District of New York. This came after FTX found itself in bankruptcy back in November after it was unable to meet customer withdrawal demands.

FTX founder Bankman-Fried was charged in December with eight criminal accounts including securities fraud and money laundering. Last week, Bankman-Fried found himself facing four additional charges including commodities fraud and making unlawful political contributions. He’s currently out on a $250 million bond awaiting trial.

Now that you’re all caught up on FTX’s Nishad Singh pleading guilty to criminal charges, be sure to brush up on our previous FTX coverage including FTX's Sam Bankman-Fried being charged with multiple counts of fraud, conspiracy, and money laundering, and FTX claiming that Sam Bankman-Fried transferred funds to the Bahamas after the company’s bankruptcy filings.

Senior Editor

Morgan is a writer from the frozen wastelands of Maine who enjoys metal music, kpop, horror, and indie games. They're also a Tetris fanatic who's fiercely competitive in games like Tetris 99... and all games in general. But mostly Tetris. You can follow Morgan on Twitter @Author_MShaver.

From The Chatty
Hello, Meet Lola