Ex-FTX Engineering Chief Nishad Singh Seeks Exemption from Prison: Report
Lawyers for former FTX head of engineering Nishad Singh have reportedly asked a New York judge to spare their client from doing any jail time.
The attorneys highlighted his limited role in the events leading to the collapse of the crypto exchange, his cooperation with investigators, and his commitment to leading an exemplary life as reasons for his deserving leniency.
Lawyers Call Singh Uncommonly Selfless
Singh, who is scheduled for sentencing on October 30, is among four top executives who pleaded guilty to a gamut of criminal offenses following investigations into the exchanges multi-billion dollar fall.
According to a Bloomberg report, the 27-year-olds legal representatives filed a sentencing recommendation memo on October 16, asking the court to go easy on their client.
As part of their argument, the lawyers cited Singhs extraordinary circumstances, pointing to his personal history, limited involvement in the offenses, and efforts to rebuild his life since the exchanges downfall.
His role was far more limited than any other defendant. He does not minimize his conduct; he pled guilty to serious crimes at the outset of this case and will regret his actions for the rest of his life.
Further, they described the engineer as an uncommonly selfless individual, attaching more than 100 letters from family, friends, and former workmates, attesting to his character. In February 2023, Singh pleaded guilty to six criminal charges, including three counts of conspiracy to commit fraud.
A childhood friend of FTX founder Sam Bankman-Fried (SBF), Singh wrote the code giving the exchanges sister company, Alameda Research, preferential treatment on the platform. He also helped SBF backdate FTX transactions, making the company look financially healthier than it actually was.
Prosecutors also said the Berkeley graduate was aware of SBFs transfer of customer funds as the company struggled following the crypto winter that rocked the industry in 2022. In addition, he reportedly withdrew at least $6 million for his personal use, with the company on the brink of bankruptcy.
Singh has previously apologized for his role in the exchanges implosion and promised to repay all the money he made in the scheme. He was also among the first to cooperate with investigators when they started looking into Bankman-Fried and ex-FTX Digital Markets co-CEO Ryan Salame.
Former Executives Facing the Music
SBF is currently in prison, serving a 25-year sentence, after being found guilty of seven counts of fraud and conspiracy. Meanwhile, Salame, who fell to charges of conspiracy to make unlawful political contributions, started his own 90-month prison sentence on October 11.
Another key actor in the drama, Caroline Ellison, will spend two years in jail beginning January 1, 2025. As part of her plea deal, she also agreed to forfeit $11 billion.
The last member of the group, Gary Wang, who previously served as FTXs technology chief, is scheduled to be sentenced on November 20 and faces up to 75 years in prison for his part in the fraud.
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