FTX fraud: Indian-origin Nishad Singh pleads guilty to criminal charges
Darpan News Desk IANS, 01 Mar, 2023 01:18 PM
San Francisco, March 1 (IANS) Indian-origin Nishad Singh, the former director of engineering at collapsed crypto exchange FTX, has finally pleaded guilty to criminal charges and was currently cooperating with the US prosecutors in the alleged billion-dollar scam at the crypto trading platform run by former CEO Sam Bankman-Fried who is also facing a trial.
Singh pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finance laws.
Bankman-Fried, along with Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research, have all pleaded guilty in the ongoing case.
The US Securities and Exchange Commission (SEC) charged Singh for his role in a multi-year scheme to defraud equity investors in FTX.
According to the SEC's complaint, Singh created software code that allowed FTX customer funds to be diverted to Alameda Research, a crypto hedge fund owned by Bankman-Fried and Wang, despite false assurances by Bankman-Fried to investors that FTX was a safe crypto asset trading platform.
The complaint alleged that Singh knew or should have known that such statements were false and misleading.
"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 Singh and his co-defendants were stealing customer funds using software code Singh helped create," said Gurbir S. Grewal, Director of the SEC's Division of Enforcement.
The complaint also alleged that Singh was an active participant in the scheme to deceive FTX's investors.
Moreover, according to the complaint, as FTX neared collapse, Singh withdrew approximately $6 million from FTX for personal use and expenditures, including the purchase of a multi-million dollar house and donations to charitable causes.
In a parallel action, the US Attorney's Office for the Southern District of New York and the Commodity Futures Trading Commission (CFTC) also announced charges against Singh.
"Today's guilty plea underscores once again that the crimes at FTX were vast in scope and consequence," said Damian Williams, US attorney for the Southern District of New York.
Three Sikh recruits, working to join the US Marine Corps, fought for an emergency appeal in District of Columbia's federal court to get an immediate exemption to the Corps' boot camp rule of cutting their hair and shaving their beards. The three plaintiffs -- Aekash Singh, Milaap Singh Chahal, and Jaskirat Singh -- want to attend Marine Corps basic training without having to shave their beards or forgo their turbans.
The bodies of eight-month-old Aroohi Dheri, her parents Jasleen Kaur, 27, and Jasdeep Singh, 36, and her uncle Amandeep Singh, 39 were found in an "extremely remote" area near the intersection of Indiana and Hutchins roads. Jesus Salgado is said to have had a long-standing feud with the family and was a former employee in their trucking business.
Indian-origin people across the US have often been targets of robbers because they are believed to have lots of jewellery. The four, who had been under surveillance, were caught in another suburb, New Hyde Park, where they had targeted a house after following a woman, police said.
Claudio Campos, 28, attacked Avtar Singh in broad daylight as he was walking home from work through the Tib Street area of the City Centre on June 23. Campos, who was with his partner at the time, proceeded to walk up behind Avtar before violently punching him to the head. Singh fell into the middle of the road where he stayed unconscious until a passer-by called for an ambulance.
Quoting hate crime statistics 2021-22, Gill, an MP from Birmingham, said hate crimes against Sikhs rose by 169 per cent in comparison to a 38 per cent increase in reported religious hate crimes overall. The 2001 census recorded 336,000 Sikhs living in Britain. Gill said 301 hate crimes against Sikhs were reported in 2021-22, up from 112 in 2020-2021.
Jatinder Singh, 37, and his partner, Thevamanogari Manivel, 40, appeared by video link from prison in Melbourne Magistrates Court on Tuesday, where they were committed to stand trial over theft and other charges, the Canberra Times reported. Crypto.com intended to refund Manivel $100 but she was erroneously transferred $10,474,143.
