FTX's Nishad Singh gets no jail time, 3 years supervised release for role in crypto fraud
Nishad Singh was the fourth former FTX executive to be handed a punishment tied to the collapse of the crypto exchange in late 2022.
Former FTX executive Nishad Singh was sentenced to time served and three years of supervised release on Wednesday, becoming the fourth ex-employee of the collapsed crypto exchange to be punished. Singh was also ordered to forfeit $11 billion.
Singh faced a maximum sentence of 75 years but New York Judge Lewis Kaplan noted his cooperation with the government as "remarkable" and said he was entirely persuaded that Singh's involvement with the fraud was far more limited than that of FTX founder Sam Bankman-Fried or Caroline Ellison, the former CEO of sister hedge fund Alameda Research.
Ellison was the star witness in the prosecution of Bankman-Fried and recently received a two-year prison sentence.
Singh, who was FTX's head of engineering, pleaded guilty early last year to six criminal charges, including conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to violate campaign finance laws.