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Breaking News: New Pro-Crypto Plan Unveiled By SEC And CFTC: Could Traditional Markets Go 24/7?
SBF FTX SEC Crypto

SEC Caught Another FTX Big Fish, Will Work In Case Against SBF

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Per a report from Bloomberg, the former FTX Chief  Engineering Officer, Nishad Singh, has pleaded guilty to charges filed against him. Singh is cooperating with the U.S. Securities and Exchange Commission (SEC) and will work in the case built against his former boss, Sam Bankman-Fried (SBF).

Related Reading: Coinbase Pushes Back Against SEC, Launches Campaign To Rally Crypto Forces

As Bitcoinist reported in December 2022, two members of SBF’s inner circle, Caroline Ellison, former CEO at Alameda Research, and Gary Wang, co-founder at FTX, pleaded guilty and are working with the SEC and U.S. authorities. Singh is the third executive to fold and join the investigation against SBF.

FTX Higher Up Knew Something Was Wrong For Months

According to the report, Singh pleaded guilty to a six-count indictment, including wire frauded, conspiracy to commit securities fraud, campaign finance law violation, and other charges. During a court hearing held today at the Manhattan federal court, the former FTX Chief Engineering said:

(I am) unbelievably sorry for my role in this and the harm it caused. I took actions to make it appear that FTX’s revenues were higher than they were and provided that information to auditors. I knew my conduct was wrong.

Singh also confessed that he knew about FTX’s precarious financial state and the loans provided to the company’s trading arm, Alameda Research. In that sense, the judge determined that the former executive “disregarded a substantial risk” by staying in the company, violating the law.

On the charges regarding campaign finance, where millions of dollars were transferred to U.S. politicians on behalf of SBF and his inner circle, Singh claims that he was unaware of the company using his name for these purposes.

As Bitcoinist also reported, the U.S. Southern District Court of New York released an indictment revealing an FTX scheme to increase his influence in Washington. In this strategy, SBF and others donated to high-ranking government officials for “their own gain.”

Bitcoin BTC BTCUSDT
BTC moving sideways on the daily chart. Source: BTCUSDT Tradingview

Fraud “Pure And Simple”

The SEC, the Commodities Futures Trading Commission (CFTC), and the U.S. Attorney’s Office for the Southern District of New York pressed charges against Singh as part of the agreement. The SEC claims that the former FTX Chief Engineering was behind the software code that allowed the crypto exchange to defraud its customers.

In public, SBF assured its customers and others that the company was taking appropriate steps to protect its funds. The SEC claims that these statements were misleading. Thus, Singh can be held accountable for “actively participating in the scheme to deceive” FTX’s investors.

Related Reading: Britain Wants To Get Ahead In CBDC Race, Here’s How

In the exchange’s final moments, Singh took a $6 million loan for personal use, the SEC’s indictment claims. Gurbir Grewal, Director of the SEC’s Division of Enforcement, said:

We allege that this was fraud, pure and simple: 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. A pillar of our securities laws is that when companies and their representatives decide to speak on an issue, they can’t lie to investors on matters that are core to their investment decisions.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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