LawyersforformerFTXheadofengineeringNishadSinghhavereportedlyaskedaNewYorkjudgetosparetheirclientfromdoinganyjailtime.
Theattorneyshighlightedhislimitedroleintheeventsleadingtothecollapseofthecryptoexchange,hiscooperationwithinvestigators,andhiscommitmenttoleadingan“exemplarylife”asreasonsforhisdeservingleniency.
LawyersCallSingh“UncommonlySelfless”
Singh,whoisscheduledforsentencingonOctober30,isamongfourtopexecutiveswhopleadedguiltytoagamutofcriminaloffensesfollowinginvestigationsintotheexchange’smulti-billiondollarfall.
AccordingtoaBloombergreport,the27-year-old’slegalrepresentativesfiledasentencingrecommendationmemoonOctober16,askingthecourttogoeasyontheirclient.
Aspartoftheirargument,thelawyerscitedSingh’s“extraordinarycircumstances,”pointingtohispersonalhistory,limitedinvolvementintheoffenses,andeffortstorebuildhislifesincetheexchange’sdownfall.
“Hisrolewasfarmorelimitedthananyotherdefendant.Hedoesnotminimizehisconduct;hepledguiltytoseriouscrimesattheoutsetofthiscaseandwillregrethisactionsfortherestofhislife.”
Further,theydescribedtheengineerasan“uncommonlyselflessindividual,”attachingmorethan100lettersfromfamily,friends,andformerworkmates,attestingtohischaracter.InFebruary2023,Singhpleadedguiltytosixcriminalcharges,includingthreecountsofconspiracytocommitfraud.
AchildhoodfriendofFTXfounderSamBankman-Fried(SBF),Singhwrotethecodegivingtheexchange’ssistercompany,AlamedaResearch,preferentialtreatmentontheplatform.HealsohelpedSBFbackdateFTXtransactions,makingthecompanylookfinanciallyhealthierthanitactuallywas.
ProsecutorsalsosaidtheBerkeleygraduatewasawareofSBF’stransferofcustomerfundsasthecompanystruggledfollowingthecryptowinterthatrockedtheindustryin2022.Inaddition,hereportedlywithdrewatleast$6millionforhispersonaluse,withthecompanyonthebrinkofbankruptcy.
Singhhaspreviouslyapologizedforhisroleintheexchange’simplosionandpromisedtorepayallthemoneyhemadeinthescheme.HewasalsoamongthefirsttocooperatewithinvestigatorswhentheystartedlookingintoBankman-Friedandex-FTXDigitalMarketsco-CEORyanSalame.
FormerExecutivesFacingtheMusic
SBFiscurrentlyinprison,servinga25-yearsentence,afterbeingfoundguiltyofsevencountsoffraudandconspiracy.Meanwhile,Salame,whofelltochargesofconspiracytomakeunlawfulpoliticalcontributions,startedhisown90-monthprisonsentenceonOctober11.
Anotherkeyactorinthedrama,CarolineEllison,willspendtwoyearsinjailbeginningJanuary1,2025.Aspartofherpleadeal,shealsoagreedtoforfeit$11billion.
Thelastmemberofthegroup,GaryWang,whopreviouslyservedasFTX’stechnologychief,isscheduledtobesentencedonNovember20andfacesupto75yearsinprisonforhispartinthefraud.
cryptopotato.com