Former FTX bigwig Nishad Singh pleaded guilty to fraud Tuesday, the third of fallen wunderkind Sam Bankman Fried’s executives to flip on him as he faces criminal fraud charges.
, he was one of three executives to know about Bankman-Fried’s plan to send FTX customer money to Alameda. He also lived with Bankman-Fried at the company’s Bahamian compound., Singh could be a key figure in helping authorities investigate Bankman-Fried’s alleged straw-donor scheme, in which he allegedly made political contributions through other donors. Singh made $9.
In making the plea deal, Singh becomes the third of Bankman-Fried’s confidants to cooperate with the authorities, joining FTX co-founder Gary Wang and former Alameda CEO—and SBF’s one-time girlfriend—Caroline Ellison. Like Ellison and Wang, Singh is also reportedly facing lawsuits from the Securities and Exchange Commission and Commodity Futures Trading Commission for his involvement in the alleged fraud.
As the founder and CEO of FTX, Bankman-Fried faces the most criminal charges: eight counts, including fraud, money laundering and campaign finance violations. Prosecutors allege he ran a years-long scheme to defraud investors, ultimately resulting in a multi-billion-dollar loss of consumer funds when his company exploded in November. He has pleaded not guilty and is under house arrest at his parent’s home in Palo Alto.
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