• Former FTX executive Nishad Singh is reportedly planning to plead guilty to criminal charges brought by the U.S. Department of Justice.
• The deal has not been finalized yet and he has been negotiating a plea deal with prosecutors.
• He may also face separate charges from the SEC and CFTC, as well as campaign finance violations due to his donations to US Democratic candidates since 2020.
Nishad Singh Negotiating Plea Deal
Former head of engineering at the collapsed exchange FTX, Nishad Singh, is reportedly planning to plead guilty to criminal charges brought by the United States Department of Justice. The deal has yet to be finalized though he is currently in negotiations with prosecutors.
Charges from Several Regulators
In addition to a potential plea agreement, people familiar with the matter have revealed that multiple U.S. regulators including the Securities and Exchange Commission (SEC) and the Commodities and Futures Exchange Commission (CFTC), are also planning to sue Singh for his role in alleged fraud at FTX.
Subpoenaed in Class Action Lawsuit
Moreover, Singh was subpoenaed earlier this week in a class action lawsuit filed by FTX investors against several of the exchange’s backers including venture capital firm Sequoia Capital and private equity firm Paradigm.
Campaign Finance Violations Possible
Singh may also face campaign finance violations due to his donations totaling over $9 million given since 2020, which were made into U.S Democratic candidates’ campaigns/funds.
Key Role at FTX
At FTX, Nishad played an integral role within its day-to-day operations, acting as a close confidant of former CEO Sam Bankman-Fried amongst other duties carried out at the exchange before it collapsed earlier this year