Former FTX Director Escapes Prison Time with Time Served Sentence
Nishad Singh, the former engineering director at FTX, has received a sentence of time served along with three years of supervised release, avoiding any prison time for his involvement in the exchange's downfall.
This ruling follows his role as a government witness during Sam Bankman-Fried’s criminal trial, where Singh pleaded guilty in February 2023 to six charges, including money laundering and campaign finance violations.
During the sentencing, Judge Lewis Kaplan acknowledged Singh’s cooperation, stating, “I’m not foolish enough to think there was no self-interest involved, obviously. But you did the right thing.” Singh was supported in court by his parents, fiancé, and numerous family members. In a personal remark, Kaplan reassured Singh’s parents that they had done nothing wrong, prompting a grateful response from Singh’s mother.
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Although sentencing guidelines suggested a maximum of 75 years in prison for his offenses, the judge praised Singh’s “remarkable” cooperation, which was highlighted by prosecutors as crucial in the successful prosecutions of Bankman-Fried and former FTX Digital Markets CEO Ryan Salame.
Bankman-Fried is currently serving a 25-year sentence for multiple counts of fraud, while Salame received a 7.5-year sentence after pleading guilty to campaign finance violations. Singh’s sentencing follows that of Caroline Ellison, the former CEO of Alameda Research, who was sentenced to two years in prison for her cooperation as a key witness in Bankman-Fried’s trial. In comparison, Judge Kaplan noted that while Ellison deserved leniency, Singh warranted a more favorable outcome.
FTX co-founder Gary Wang, who also testified against Bankman-Fried, is set to face sentencing next month after pleading guilty to fraud and conspiracy charges in late 2022.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
