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Another close associate of SBF plans to plead guilty in FTX fraud case: report
Nishad Singh, the former technical director of the bankrupt crypto exchange FTX, is close to entering into a plea deal with federal prosecutors in the ongoing case against the exchange and its leaders. According to a Bloomberg report that cited people familiar with the matter, Singh plans to plead guilty to criminal charges for his role in the FTX saga. Singh Wants to Make Plea Deal with US Prosecutors The report noted that Singh has been negotiating a deal with Manhattan prosecutors as the case against FTX founder and former CEO Sam Bankman-Fried (SBF) heats up. A plea deal is an agreement between the prosecutor and the defendant in a criminal case,...
Another close associate of SBF plans to plead guilty in FTX fraud case: report
Nishad Singh, the former technical director of the bankrupt crypto exchange FTX, is close to entering into a plea deal with federal prosecutors in the ongoing case against the exchange and its leaders.
According to BloombergreportSingh plans to plead guilty to criminal charges for his role in the FTX saga, citing people familiar with the matter.
Singh wants to make a plea deal with US prosecutors
The report noted that Singh has been negotiating a deal with Manhattan prosecutors as the case against FTX founder and former CEO Sam Bankman-Fried (SBF) heats up.
A plea deal is an agreement between the prosecutor and the defendant in a criminal case in which the latter agrees to plead guilty to a lesser charge while the former provides for a more lenient sentence.
Recall that in January, Singh attended a tender meeting with prosecutors in an attempt to determine whether he had any information that would be useful to the prosecution.
CryptoPotato reportedthat if helpful information were found, Singh could take a plea deal with the court in exchange for his cooperation.
Unidentified sources have now revealed that the possibility of a plea deal is high as the former FTX executive plans to admit to the charges against him.
They also announced that the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) intend to sue Singh for his role in the FTX fiasco.
The third senior executive to turn against SBF
If Singh's plea goes through with the court, he will become the third senior executive to plead guilty to his role in the scheme and provide evidence against SBF.
Last year, former FTX and Alameda Research executives Gary Wang and Caroline Ellisonpleaded guiltyto impeach them for their role in the collapse of FTX. Both executives, who were also members of SBF's inner circle, are cooperating with prosecutors in the case against Bankman-Fried.
Meanwhile, SBF, which is currently on $250 million bail, was in custodyunder house arrestat his parents' house and awaits trial in October. Interestingly, he refused to plead guilty to the same charges.
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