Ex-FTX Executive Nishad Singh Avoids Prison in $8B Fraud, Ordered to Forfeit $11B

Oct 30, 2024, 08:14 PM

Former FTX executive Nishad Singh was spared prison time after being sentenced to time served for his role in the $8 billion fraud at the now-bankrupt cryptocurrency exchange. Singh, who served as FTX's chief engineer, pleaded guilty in February to six felony counts of fraud and conspiracy, including a campaign finance charge. He cooperated immediately and extensively with prosecutors, testifying against FTX founder Sam Bankman-Fried, who was recently sentenced to 25 years in prison. Singh faced up to 75 years but received a lenient sentence due to his cooperation and relatively smaller role in the fraud. He was ordered to forfeit $11 billion and will serve three years of supervised release. The court also acknowledged a support letter from current FTX CEO John Ray, emphasizing Singh's ongoing assistance in the company's bankruptcy proceedings.