FTX former chief of engineering Nishad Singh spared from prison time

Former FTX executive Nishad Singh avoided prison time after being sentenced by a Manhattan federal judge. Singh was sentenced to three years probation for his role in the collapse of FTX.

Singh was spared from spending time in prison by a Manhattan federal judge, NBC News reports. Instead, he was sentenced to prison and three years of probation. He was also ordered to forfeit approximately $11 billion.

Singh was sentenced Oct. 29 by Judge Lewis A. Kaplan in federal court in New York. The reason behind the light sentence was Singh’s “remarkable” cooperation with the government and his limited role in one of the largest financial frauds in the United States, Kaplan said. history.

The outcome of Singh’s sentencing was exactly the same outcome his lawyers had requested in a brief filed with the judge on Oct. 16. Prosecutors argued that FTX’s former head of engineering deserved a lighter sentence because of Singh’s limited role in FTX’s collapse, noting “the exemplary life he was committed to leading.”

Last year, Singh testified against former CEO Sam Bankman-Fried as part of a cooperation agreement with the government.

Earlier this year, Singh pleaded guilty to six counts, including conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to violate campaign finance laws. He faced a maximum sentence of up to 75 years in prison for his involvement in FTX’s multibillion-dollar fraud.

Singh became the first former FTX executive not to receive prison time for his involvement. He also became the fourth former FTX executive to be punished for his role in the crypto exchange’s collapse. The other three FTX executives are Sam Bankman-Fried, former CEO of Alameda Research Caroline Ellison, and former CEO of FTX Digital Markets Ryan Salame.

Bankman-Fried was sentenced to 25 years in prison, while Ellison was sentenced to two years and Salame was sentenced to 7.5 years in prison earlier this month. Meanwhile, FTX co-founder Gary Wang is expected to be sentenced on November 20.