• Nishad Singh, former director of engineering for FTX and Sam Bankman-Fried’s right-hand man, is preparing to reach a plea deal with U.S. prosecutors for fraud charges.
• Caroline Ellison has agreed to plead guilty to seven offenses and Gary Wang, FTX’s former chief technology officer, has also pleaded guilty to criminal charges.
• The Commodity Futures Trading Commission and the Securities and Exchange Commission plan to sue Singh over his role in the alleged scheme.

FTX Scandal Deepens

Sam Bankman-Fried’s right-hand man Nishad Singh is set to plead guilty to fraud charges related to the collapsed crypto exchange FTX. According to sources familiar with the matter, Manhattan prosecutors are preparing to file fraud charges against him in what could be a further isolation of Bankman-Fried who has pleaded not guilty on an eight-count indictment and awaits trial.

Plea Deal Includes Cooperation With Authorities

The plea deal that is likely being negotiated includes cooperation with authorities as part of Singh’s admission of guilt on the fraud charges he faces. Meanwhile, other executives from FTX, including former Alameda Research CEO Caroline Ellison have agreed to plead guilty on seven offenses including wire fraud, securities fraud and money laundering while ex-chief technology officer Gary Wang has also entered a plea agreement on criminal charges against him.

Regulators Plan To Sue Singh Over His Role In Alleged Scheme

In addition, regulators such as the Commodity Futures Trading Commission (CFTC) and Securities & Exchange Commission (SEC) plan to sue Singh over his role in the alleged scheme at FTX where he served as head of engineering until its collapse in early November 2020. At 27 years old, Singh was a graduate from UC Berkeley where he met his longtime girlfriend Claire Watanabe who later joined FTX as its head of marketing & HR.

Latest Developments In The FTX Saga

Sam Bankman had been arrested in The Bahamas after US prosecutors filed criminal charges against him before being extradited back stateside where he was released from jail after posting a $250 million bond in New York court. He now faces more than 100 years in prison if convicted on all eight counts which include wire fraud and conspiracy by misusing customer funds set for trial this October 2021 while a New York judge recently put cases against former FTX execs on hold pending completion of ongoing investigations into their financial dealings relating to the scandalous saga which continues unfolding by day.


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