Ex-FTX Engineering Chief Nishad Singh Seeks Jail Exemption: Report

Lawyers for former FTX engineering chief Nishad Singh have asked a New York judge to spare their client jail time.

Lawyers highlighted his limited role in the events leading up to the crypto exchange’s collapse, his cooperation with investigators and his commitment to leading an “exemplary life” as reasons for his well-deserved leniency.

Lawyers call Singh ‘unusually selfless’

Singh, who is scheduled for sentencing on October 30, is among four senior executives who pleaded guilty to a wide variety of criminal offenses following investigations into the exchange’s multibillion-dollar collapse.

According to a Bloomberg report, the 27-year-old’s legal representatives filed a sentencing recommendation memorandum on October 16, asking the court to take care of their client.

As part of their argument, the lawyers cited Singh’s “extraordinary circumstances,” noting his personal history, his limited involvement in the crimes and efforts to rebuild his life since the exchange’s collapse.

“His role was much more limited than any other defendant. It does not minimize his conduct; he pleaded guilty to serious crimes from the start of this case and will regret his actions for the rest of his life.”

They also described the engineer as an “unusually selfless individual”, attaching more than 100 letters from family, friends and former co-workers, testifying to his character. In February 2023, Singh pleaded guilty to six criminal charges, including three counts of conspiracy to commit fraud.

A childhood friend of FTX founder Sam Bankman-Fried (SBF), Singh wrote the code giving the exchange’s sister company, Alameda Research, preferential treatment on the platform. It also helped SBF roll back FTX transactions, making the company appear financially sounder than it actually was.

Prosecutors also said the Berkeley graduate was aware of SBF’s transfer of client funds as the firm struggled after the crypto winter that rocked the industry in 2022. Additionally, he reportedly , withdrew at least $6 million for his personal use, with the company on the brink. of bankruptcy

Singh has previously apologized for his role in the exchange’s implosion and pledged to return all the money he made from the scheme. He was also among the first to cooperate with investigators when they began investigating Bankman-Fried and former FTX Digital Markets CEO Ryan Salame.

Former managers in front of the music

SBF is currently in prison, serving a 25-year sentence, after being found guilty of seven counts of fraud and conspiracy. Meanwhile, Salame, who was charged with conspiracy to make illegal political contributions, began his own 90-month prison sentence on October 11.

Another key player in the drama, Caroline Ellison, will spend two years in prison starting January 1, 2025. As part of her plea deal, she also agreed to forfeit $11 billion.

The last member of the group, Gary Wang, who previously served as FTX’s chief technology officer, is scheduled to be sentenced on November 20 and faces up to 75 years in prison for his part in the fraud.

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