Singh pleaded guilty to six criminal charges yesterday.
- Former FTX head of engineering Nishad Singh pleaded guilty to six criminal charges yesterday.
- The CFTC and SEC have filed civil lawsuits against him.
- The regulatory bodies are seeking civil monetary penalties, and to ban Singh from ever trading commodities and securities again.
FTX’s chief engineer, Nishad Singh, was hit with lawsuits from both the SEC and the CFTC shortly after pleading guilty to six criminal charges yesterday.
Aiding and Abetting Fraud
Another one of Sam Bankman-Fried’s lieutenants is facing civil lawsuits.
Yesterday both the Securities and Exchange Commission and the Commodity Futures Trading Commission filed complaints against former FTX head of engineering Nishad Singh.
The CFTC accused Singh of fraud and of aiding and abetting the fraud committed by FTX, Alameda Research, and Sam Bankman-Fried. Among other things, the regulatory body is seeking civil monetary penalties, restitution of funds, and to ban Singh from ever being involved in the transaction of commodity interests or “digital asset commodities” again.
“Today’s filing reflects the CFTC’s commitment to protecting the U.S. digital commodity markets,” stated CFTC chief counsel Gretchen Lowe. “Today’s filing also includes a concession of liability by an individual who, as charged, engaged in and aided significant violations of the Commodity Exchange Act and CFTC regulations.”
The SEC for its part accused Singh of violating the Securities Act and the Exchange Act by enabling Bankman-Fried to move FTX funds in an unlawful manner. The agency is also seeking civil monetary penalties and to forbid Singh from trading securities—including “crypto asset securities”.
“We allege that this was fraud, pure and simple,” stated SEC director of enforcement Gurbir Grewal. “While on the one hand FTX touted its supposed effective risk mitigation measures to investors, on the other Mr. Singh and his co-defendants were stealing customer funds using software code Mr. Singh helped create.”
Singh pleaded guilty yesterday 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.
Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Sam Bankman-Fried May Have Tried to Influence Witness Testimony: Prose…
By reaching out to the FTX US general counsel through Signal, Sam Bankman-Fried may have tried to influence a potential witness’ testimony—or to intimidate them into not testifying at all—claim…
FTX Wants to Subpoena Bankman-Fried’s Inner Circle
FTX under John Ray is seeking court approval to subpoena Sam Bankman-Fried’s immediate family, Joseph Bankman, Barbara Fried, and Gabriel Bankman-Fried, as well as the exchange’s former executives. A List…
Alameda’s Caroline Ellison Enters Plea Agreement with DOJ
Sam Bankman-Fried’s partners in crime, Alameda CEO Caroline Ellison and FTX co-founder Gary Wang, are both cooperating with the U.S. Department of Justice. $250,000 Bail for Full Cooperation Caroline Ellison…