Former FTX Exec Nishad Singh Seeks No Jail Time, Cites Limited Role in FTX Collapse
Read Time:2 Minute, 8 Second
QUICK BYTE
- Nishad Singh, former Director of Engineering at FTX, seeks no jail time, citing his limited role in the crypto exchange’s collapse and extensive cooperation with authorities.
- Singh’s lawyers argue that his involvement in the FTX scandal was minimal compared to other key figures, as he only joined the conspiracy two months before the company’s downfall.
As reported by Bloomberg on Oct. 16, Nishad Singh, the former Director of Engineering at FTX, is seeking no jail time as his sentencing approaches on October 30. His lawyers argue that his role in the collapse of FTX was significantly less involved than other key figures, such as Sam Bankman-Fried and Caroline Ellison.
In court filings dated October 16, Singh’s legal team emphasized that he only became aware of the conspiracy to misuse customer funds two months before the crypto exchange’s collapse.
Singh’s lawyers submitted over 100 letters from friends, family, and former colleagues, painting him as a “selfless” individual who regrets his involvement. “His role was far more limited than any other defendant,” the filing stated. Singh pled guilty to six criminal charges, including fraud, in February 2023 and has since cooperated extensively with authorities, providing crucial evidence that helped convict Bankman-Fried, who received a 25-year prison sentence.
In a letter to the judge, Singh expressed deep remorse for his actions, stating, “I feel overwhelmed and my gut clenches when I try to think about the enormity of the harm I have caused and taken part in. I chose to see things that were wrong as expedient or justified and things that were risky as bold.”
He distanced himself from Bankman-Fried and other FTX employees when the company’s troubles escalated, even as misleading statements were issued to prevent customers from withdrawing their funds.
Singh’s cooperation has been crucial in the broader investigation into FTX’s collapse, which also involved the misuse of billions of dollars in customer funds by Alameda Research, FTX’s affiliated market maker.
While Ellison, a former Alameda co-CEO, was sentenced to two years for her role in the scandal, Singh’s legal team is urging the court not to impose jail time, citing his limited involvement and cooperation. The lawyers argued that Singh’s situation is distinct from that of Ellison, who played a more central role in the conspiracy.
With his sentencing date fast approaching, Singh’s legal team hopes the court will take into account his cooperation and the unique circumstances surrounding his involvement.
0
0
