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.
The most affected province is Sindh, followed by Balochistan. As of August 25, more than 33 million people have been affected and over 6.4 million people are in dire need of humanitarian aid, including 421,000 refugees, the WHO report highlighted.
Putin's spokesman Dmitry Peskov announced on Wednesday that Kremlin was still deciding on the scale of the funeral for Gorbachev, who was despised by many pro-Putin hardliners for his role in bringing about the end of the Soviet Union.
Local Sikh volunteers of United Sikhs have setup a camp to move flood-affected families to safe areas and provide them with food, water, and other immediate supplies under the leadership of the organisation's representative in Pakistan, Herdyal Singh.
Ever since the family was informed about the alleged murder of Ashutosh, they have been seeking help from the Central and the state governments. Dwivedi was pursuing a medical degree in an Armenia based medical college. A family member told IANS that Dwivedi had gone to Armenia in 2020 and he was a fourth year medical student.
Gorbachev, who during his seven years in power made dramatic reforms that paved the way for the fall of the Berlin Wall in 1989, died Tuesday at a Moscow hospital at 91.
Sikhs and Hindus make up only a tiny fraction of the population of Afghanistan, which is almost entirely Muslim. Under the Taliban in the late 1990s, they were asked to identify themselves by wearing yellow armbands or badges, reminiscent of Nazi Germany, and in recent years they have been repeatedly targeted by extremists.
