• FTX’s Nishad Singh reportedly approaches plea deal with US prosecutors.
• He faces charges from authorities, including CFTC and SEC.
• Previous reports suggest that Singh had discussed a cooperation deal that was likely to lead to a plea deal.
FTX Employee & Director of Engineering Faces Charges
Mike Dalton reports that Nishad Singh, who served as the director of engineering at FTX exchange, is preparing to reach a plea deal with U.S. Prosecutors in Manhattan. The publication states that he plans to plead guilty as the prosecutors prepare to file charges against him. It has been reported by Bloomberg News that the CFTC and SEC are involved in the investigation against him alongside the U.S. Attorney’s Office for the Southern District of New York.
Cooperation Deal Discussed Previously
Bloomberg suggested on Jan 10th that Singh had discussed a cooperation deal which would likely lead to a plea deal with prosecutors- although he wasn’t accused of any wrongdoing at this time, he now faces charges from authorities. None of these agencies have publicly confirmed Bloomberg’s statement, however reports from the same source suggest investigations began on Jan 5th involving activities such as software development used for transferring funds between FTX and Alameda, and campaign financing involvement too.
Plea Deals From Former Associates
If Singh reaches a plea deal it will make him third former associate after Caroline Ellison (former CEO at Alameda Research) and Gary Wang (co-founder at FTX) who both pled guilty in December 2020 and are cooperating against Bankman-Fried (who awaits trial).
Impact On Sam Bankman-Fried
The information which could be provided by Singh could prove pivotal in criminal proceedings against co-founder and former CEO of FTX Sam Bankman-Fried; his trial is still pending but progress has been made due to previous associates cooperating with authorities already upon their own convictions/plea deals being reached .
Conclusion
As Mike Dalton reported, Nishad Singh is facing charges from U.S authorities related to his work with FTX Exchange – if he reaches a plea bargain then it will be three associates total who have taken this route when faced with prosecution by the courts – all information revealed during these proceedings will ultimately impact Sam Bankman-Fried who awaits trial currently due to alleged fraud committed by himself whilst associated with FTX .