Former FTX director pleads guilty to securities fraud and assists prosecutors

The former FTX director of engineering, Nishad Singh, has pleaded guilty to six criminal counts, including conspiring to commit securities and commodities fraud, and agreed to assist federal prosecutors. Singh admitted to falsifying FTX’s revenues at the direction of founder Sam Bankman-Fried and said that Bankman-Fried’s crypto hedge fund, Alameda Research, had borrowed FTX customer funds which they were unable to repay. Singh also admitted to defrauding the US in a campaign-finance scheme by making illegal donations using Alameda funds to enhance Bankman-Fried and FTX’s political influence.

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