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Nishad Singh, a former executive at the now-defunct FTX Derivative Exchange, stands at a crossroads as government prosecutors advocate for leniency in his sentencing. They argue that Singhâs substantial assistance was vital in peeling back the layers of the FTX scandal. The prosecutors urged the sentencing judge to consider his crucial involvement in exposing the inner workings of the collapsed crypto exchange.
Singhâs Genuine Remorse and Eagerness to Help
In a document submitted on Oct. 23, prosecutors highlighted Singhâs sincere remorse and eagerness to collaborate with authorities. Unlike other executives, Singh came forward with crucial information that was helpful in the investigation.Â
His insights proved invaluable as he exposed how FTXâs code facilitates the illegal use of customersâ funds. His cooperation was instrumental in detailing Sam Bankman-Friedâs financial maneuvers involving misappropriating stolen money.
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A Plea for Leniency in Sentencing
Singhâs cooperation went beyond what prosecutors had anticipated. He not only helped clarify the use of stolen funds. But also revealed criminal activities that might have remained hidden. Singh shed light on Sam Bankman-Fried and Ryan Salameâs massive campaign finance schemes. He disclosed instances where Bankman-Fried manipulated FTXâs financial records to inflate its revenue falsely.
Singhâs legal team is now pleading for leniency after he pleaded guilty to six criminal charges in 2023. His lawyers depict him as a man who played a limited role in the operation. They emphasized his selfless cooperation with authorities as a reason for the judge to spare him from jail time.Â
Singh is set to be sentenced on October 30. His legal team hopes the court will recognize his limited involvement and cooperation and grant leniency.
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Other FTX Executives Awaiting Their Fate
Nishad Singh is not the only former FTX executive awaiting sentencing. Gary Wang, FTXâs former chief technology officer, also finds himself in a similar situation. Meanwhile, Sam Bankman-Fried, the corrupt founder, received a 25-year sentence earlier this year.Â
Also, Caroline Ellison, former CEO of Alameda Research, was sentenced to two years. Ryan Salame, the CEO of FTX Digital Markets, is currently serving a 7.5-year prison term for his involvement in unlicensed money transmission and election fraud.
