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.
During the two-day meet, the British Prime Minister will first land in Ahmedabad on April 21 and then proceed to Delhi. The ministry statement said, At the invitation of Prime Minister Shri Narendra Modi, the Rt. Hon'ble Boris Johnson MP, Prime Minister of the United Kingdom will pay an official visit to India from 21-22 April 2022.
Last week, British officials reported 74 cases of hepatitis, or liver inflammation, found in children since January. The usual viruses that cause infectious hepatitis were not seen in the cases, and scientists and doctors are considering other possible sources, including COVID-19, other viruses and environmental factors.
Russia on Tuesday offered another opportunity to surrender for the remaining Ukrainian forces holed up at the Azovstal steel plant in the Black Sea port city of Mariupol. All those present at Azovstal should exit the facility within a two hour deadline without any arms or ammunition on them, the Russian Defense Ministry directed, RT reported.
Undaunted by rain, President Joe Biden and his wife, Jill, kicked off the equivalent of a daylong garden party for some 30,000 kids and adults, including celebrities and costumed characters.
2 Sikh men were attacked and robbed in New York in Queens on Tuesday, the same neighbourhood in the city where an elderly Sikh man was the target of a hate crime less than 2 weeks ago. The attack happened “very close” to the area where Nirmal Singh was punched in an unprovoked assault on April 3.
Officials from the city and the federal government investigating the morning shooting which seemed to be meticulously planned were puzzled by what triggered the attack. Although 33 shots had been fired, no one has died while five of those hit by bullets were reported to be in a critical condition.
