Former FTX director Nishad Singh was sentenced to time and three years of guided release on Wednesday, and the fourth former employee of the collapsed crypto exchange became punished. Singh was also instructed to forfeit $ 11 billion.
Singh was confronted with a maximum punishment of 75 years, but judge Lewis Kaplan, judge Lewis Kaplan, noticed his collaboration with the government as ‘remarkable’ and said that he was completely convinced that Singh’s involvement in the fraud was much more limited than That of FTX co-founder Sam Bankman-Fried or Caroline Ellison, the former CEO of Sister Hedge Fund Alameda Research.
Ellison was the star witness in the prosecution of Bankman fried and recently received a two -year prison sentence.
Singh, who was the head of the engineering of FTX, argued at the beginning of last year guilty of six criminal prosecution, including conspiracy to commit securities fraud, conspiracy to commit money wax and compartment to violate campaign funding laws.
On Wednesday, Singh issued a statement to the court and said with a soft voice that he had strayed from his values ​​and had not expected forgiveness. He said that assistance in the government’s investigation gave him a goal. Just before the hearing began, Singh was alone while walking the lift sofa while rehearsing his statement from a single printed page.
FTX was played in bankruptcy in bankruptcy in November 2022, after the crypto exchange could not meet the recording requirements of customers and reportedly stole $ 8 billion in customer funds. In March, Bankman-Gorduurd was sentenced to 25 years in prison and ordered to pay $ 11 billion.
Andrew Goldstein, lawyer of Singh and a former assistant-American lawyer for the southern district of New York, said that Singh became a participant in FTX’s misconduct in a very late phase and quoted his extensive cooperation with the government, including witnesses of the trial of Bankman-Last Last in Bankman-Legied. year.
Public Prosecutors noted that they met Singh at least 24 times for several hours and that they demonstrated ‘serious remorse and eagerness to help’, as well as’ the government’s attention was brought to the attention of the government that the government was not aware of And some cases may never have discovered, but for Singh’s collaboration. ”
Nicolas Roos, one of the public prosecutors in the trial, noted that the campaign funding schedule was “completely unknown” by the government and that Singh “exclusively” brought the details of the regulation “to the government.
Bankman-GRIDUID was originally charged with the use of stolen customer fees to earn $ 100 million in campaign contributions prior to the 2022 interim elections.
Roos told Judge Kaplan that Clementia would “send an important message.”
In Kaplan’s reading of the conviction, he said to the suspect: “You did the right one.”
More than 30 of Singh’s friends and family members filled the benches of the courtroom on the 21st floor of the courthouse in Manhattan. His fiancé, parents and brothers were in the front row together.
More than 100 people have submitted letters on behalf of Singh, including one of the brother of Bankman-Fried, Gabe, who called him “one of the friendliest people he ever known.” He asked Judge Kaplan to show Singh “the same compassion that he has shown others all life.”
John Ray, who took over as FTX -CEO after the bankruptcy application in 2022, also submitted a letter on behalf of Singh and said that he had offered the debtors valuable help and cooperation during the bankruptcy procedure. Ray said that Singh made substantial productions of documents, and he voluntarily returned Bahamian real estate with FTX funds.
Ryan Salame, another former Top Lieutenant of Bankman-Grieduurd, was sentenced to seven and a half year in prison in May. Gary Wang, the co-founder and former technology head of FTX, will be convicted on November 20.