SEC, CFTC Charge FTX's Singh With Fraud Following Criminal Plea

The U.S. Securities and Exchange Commission and Commodity Futures charged former FTX director of engineering Nishad Singh with fraud allegations on Tuesday, following the ex-FTX executive's guilty plea to similar charges in a federal courthouse.

Other allegations include claims that Singh was among a group of FTX executives who workshopped Bankman-Fried's tweets claiming FTX was okay and its customers could be made whole just prior to FTX's filing for bankruptcy.that Singh moved funds around at Bankman-Fried's request to make it appear that FTX generated more revenue than it actually did in 2021.

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FTX's Singh agrees to plead guilty to U.S. criminal charges, lawyer saysNishad Singh, the former director of engineering at now-bankrupt cryptocurrency exchange FTX, has agreed to plead guilty to U.S. criminal charges, his lawyer said in court on Tuesday, as U.S. prosecutors ramp up their investigation into members of Sam Bankman-Fried's inner circle. third to flip PeterRHann1 Singh pleaded guilty to one count of wire fraud, three counts of conspiracy to commit fraud, one count of conspiracy to commit money laundering and one count of conspiracy to defraud the United States by violating campaign finance laws Crypto is never bouncing back from this. I understand what they were trying to do but it’s fraud if you don’t document where money is being allocated to. I knew it wouldn’t work
Source: Reuters - 🏆 2. / 97 Read more »