The Washington Post

Former FTX executive pleads guilty to fraud


A former FTX executive pleaded guilty Tuesday to conspiracy and wire fraud charges. The plea is 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 plea by Nishad Singh, formerly the cryptocurr­ency company’s engineerin­g director, raises to three the number of people who prosecutor­s say have pleaded guilty in the case.

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.

Singh’s plea “underscore­s once again that the crimes at FTX were vast in scope and consequenc­e,” U.S. Attorney Damian Williams said in a statement.

Last week, prosecutor­s filed new fraud charges 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.

Newspapers in English

Newspapers from United States