FTX co-founder Nishad Singh pleads guilty to fraud charges
Singh is the latest in Sam Bankman-Fried's inner circle to plead guilty
Securities attorney Andrew Stoltmann reacts to a U.S. judge extending FTX founder Sam Bankman-Fried's bail restrictions on 'The Big Money Show.'
FTX co-founder and ex-engineering chief Nishad Singh pleaded guilty to six criminal fraud charges in Manhattan federal court on Tuesday, becoming the latest in Sam Bankman-Fried's inner circle to admit participating in wrongdoing at the bankrupt crytocurrency exchange.
Appearing before U.S. District Judge Lewis Kaplan, Singh pleaded guilty to wire fraud, conspiracy to commit fraud, conspiracy to commit money laundering and conspiracy to defraud the U.S. by violating campaign finance laws.
Co-founder Nishad Singh pleaded guilty Tuesday to charges connected to the collapse of FTX, whose name still adorned the Miami Heat's arena on Nov. 12, 2022. (AP Photo/Marta Lavandier, File / AP Newsroom)
"Today’s guilty plea underscores once again that the crimes at FTX were vast in scope and consequence," U.S. Attorney Damian Williams said in a statement. "They rocked our financial markets with a multibillion-dollar fraud. And they corrupted our politics with tens of millions of dollars in illegal straw campaign contributions. These crimes demand swift and certain justice and that is exactly what we are seeking in the Southern District of New York."
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Bankman-Fried, who co-founded FTX and served as CEO of the exchange before its collapse in November, has pleaded not guilty to eight federal charges in connection with the downfall of his crypto empire, which included hedge fund Alamenda Research. The SDNY hit him with a fresh indictment, adding four additional charges, last week. If convicted, he faces as much as 155 years behind bars.
Sam Bankman-Fried leaves federal court in New York City on Dec. 22, 2022. The former CEO of FTX and Alameda is currently on house arrest on $250 million bail. (Charles Guerin/Abaca for Fox News Digital / Fox News)
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Singh is the third former executive linked to a Bankman-Fried company to plead guilty for their involvement in the alleged fraud that occurred at the sister firms, following Alameda CEO Caroline Ellison and former FTX chief technology officer Gary Wang.
Former Alameda Research CEO Caroline Ellison has pleaded guilty to several charges connected to the collapse of the hedge fund's sister firm, FTX. (Twitter @carolinecapital / Fox News)
Singh expressed remorse in the courtroom Tuesday, saying, "I am unbelievably sorry for my role in all of this."
He was released on a $250,000 personal recognizance bond and ordered to surrender all travel documents. His sentencing is scheduled for November 2024.
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Reuters contributed to this report.