The former director of engineering at FTX, the bankrupt cryptocurrency exchange founded by Sam Bankman-Fried, agreed to plead guilty to criminal charges, according to his lawyers and federal prosecutors in New York.
The FTX Arena logo is seen where the Miami Heat basketball team plays on Nov. 12, 2022, in Miami.Singh contributed to the fraud that led to the $32 billion bankruptcy of FTX by providing "misleading information to auditors about FTX's revenue," knowing that information would be given to prospective investors, according to the information.
Singh was also part of the conspiracy to make political contributions to candidates and committees that were paid for using funds from Bankman-Fried's privately controlled hedge fund, Alameda Research, but reported to the Federal Election Commission under different names, the information said."Nishad is deeply sorry for his role in this and has accepted responsibility for his actions," Singh's lawyers, Andrew D. Goldstein and Russell Capone, said in a statement to ABC News.
In exchange for his cooperation, federal prosecutors agreed to recommend a sentence below the 75-year maximum attached to the charges, according to the plea agreement also unsealed Tuesday.
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