Another Former FTX Employee Pleads Guilty to Fraud Charges

Another executive that worked with the now defunct crypto exchange FTX has pleaded guilty to criminal charges. Nishad Singh – who worked as the former director of engineering at the exchange – has pleaded guilty to approximately six conspiracy charges, as well as conspiracy to commit wire fraud, conspiracy to commit money laundering, and conspiracy to violate federal campaign finance laws.

Another FTX Employee Has Been Taken Down

Damian Williams – a US attorney for the Southern District of New York – issued the following statement:

Today’s guilty plea underscores, once again, that the crimes at FTX were vast in scope and consequence. 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.

FTX will likely go down as one of the biggest embarrassments of the digital currency space. First coming to fruition in 2019, the company was labeled one of the biggest digital currency trading platforms in the world. Sam Bankman-Fried – the man behind the company – was deemed a genius, and his net worth, at one stage, was in the billions.

However, his company fell into disarray as last November, he stated online that he was experiencing a liquidity crunch and his firm needed fast cast to stay afloat. He initially approached his rival Binance about a possible buyout, but this never occurred, and it wasn’t long before FTX fell into bankruptcy. SBF also resigned from his post.

Things got even worse after he was arrested on charges of fraud. It was believed he had used customer funds to buy Bahamian real estate and to pay off loans taken out by his other company Alameda Research. He’s now awaiting trial at his parents’ house. Attorneys Andrew Goldstein and Russell Capone explained in an interview:

Nishad is deeply sorry for his role in this and has accepted responsibility for his actions. 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.

Singh is in trouble for being the “face” of all the leftwing political donations that stemmed from FTX. It is known that SBF used a lot of the customer funds of his enterprise to give to liberal politicians. He is also labeled the second largest donor to Joe Biden’s 2020 presidential campaign. It is believed Singh was the organizer of said donations, and that he violated election and campaign laws in doing so.

A Political Agenda in Mind?

SBF is said to have told Singh:

In general, you being the center left face of our spending will mean you giving to a lot of woke sh*t for transactional purposes.

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