FTX’s Nishad Singh Faces Charges From Prosecutors

• Former top employee of FTX, Nishad Singh, is preparing to reach a plea deal with U.S. prosecutors.
• Manhattan prosecutors are reportedly preparing to file charges against him.
• The CFTC and SEC are also said to plan to file charges against him as well.

Singh’s Role at FTX and Alameda

Nishad Singh was the director of engineering at FTX and played a key role in developing software used to transfer funds between the two companies. He was also involved in campaign financing.

Plea Deal Preparation

Bloomberg reported that Singh plans to plead guilty as Manhattan prosecutors prepare to file charges against him. Reports from Bloomberg on Jan. 10 suggested that authorities had been investigating Singh since Jan 5., and he had discussed a cooperation deal that was likely to lead to a plea deal as well – though he wasn’t accused of any wrongdoing then.

Previous Associates‘ Plea Deals

If Singh reaches a plea deal, he will be the third FTX associate to do so after former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang who pled guilty in December and are cooperating against Sam Bankman-Fried, the co-founder and former CEO of FTX who awaits trial.

Regulatory Agencies Involved

None of the above agencies have publicly confirmed Bloomberg’s statements; however, reports from CFTC, SEC and U.S Attorney’s Office for the Southern District of New York suggest they are all involved in this investigation into Nishad Singh’s activities at FTX and Alameda Research.