A former FTX executive is pleading guilty to conspiracy and wire fraud charges as part of a deal to cooperate with federal prosecutors building their case against FTX founder Sam Bankman-Fried
NEW YORK — — A former FTX executive pleaded guilty Tuesday to conspiracy and wire fraud charges as part of a deal to cooperate with federal prosecutors building their case against FTX founder Sam Bankman-Fried in what authorities have dubbed one of the biggest frauds in history.
The charges against Singh, 27, carry potential penalties of up to 75 years in prison if he fails to fully cooperate, including by testifying at any trials. “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,” he said."These crimes demand swift and certain justice and that is exactly what we are seeking in the Southern District of New York.”against Bankman-Fried, who has pleaded not guilty in the case.
He is accused of stealing billions of dollars in FTX customer deposits to support the company he founded, a global cryptocurrency exchange affiliated with the cryptocurrency trading hedge fund Alameda Research.
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