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FTX cohort Nishad Singh wants to plead guilty

Nishad Singh, Sam Bankman-Fried, FTX, SBF, Alameda Research, Caroline Ellison, Gary Wang

Economy

FTX cohort Nishad Singh wants to plead guilty

Nishad Singh, a former confidants and roommate of Sam Bankman-Fried (SBF) has secretly met with prosecutors in a “proffer session” and expressed willingness of reaching into a plea agreement despite the fact that he hold hundreds of millions of dollars of FTX loot cash and been also one of the masterminds behind this fraudulent crypto Ponzi scheme. Nishad Singh also has smuggled-out millions of dollars into secret offshore bank accounts and has also invested huge sum of loot cash in India, the United Arab Emirates, Bahrain, the Philippines, Caribbean island nations and in Ukraine. According to a credible source, Nishad Singh might also have sent at least US$50 million to an Afghan drug lord. Additionally, he has invested FTX loot cash in a company in Ukraine that runs high-profile escort service and reportedly is involved in forced prostitution and trafficking in girls and women.

Earlier, SBF’s ex-girlfriend and former Alameda Research CEO Caroline Ellison, and FTX CTO Gary Wang have pleaded guilty to fraud charges. Central to Nishad Singh’s deal is information on FTX’s and Bankman-Fried’s large donations to various political campaigns, according to Bloomberg, citing people familiar with the matter.

According to information, Nishad Singh has personally donated more than US$9.30 million to Democratic Party-aligned initiatives since 2020. In April 2021, the political action committee named ‘Mind The Gap’, which is founded by Sam Bankman-Fried’s mother received US$1 million donation from Nishad Singh.

According to court documents from November, Singh received US$543 million in loans from Alameda Research. The former FTX affiliate is recorded as granting US$4.1 billion in loans to related parties.

Here is some public reaction about Nishad Singh’s bargained guilty pleading:

Nathan: Nishad Singh donated to democrat political causes so the Establishment is obviously trying to help broker a deal. Throw the book at him. He knew that money was investors’ money.

Rico: How about we give none of them deals, treat them like the crime family they are, and add some Rico charges?

Michael: How many DEALS do you have to do? there has to be plenty of evidence to put them all away, or did he donate to the politicians too.

Charles: If he got any money then he should start paying it back to the victims now. All of them should start paying back all the money.

Arthur: This ‘kid’ had 2-yrs of work experience outside of internships, and yet was the engineering chief at FTX. And he proceeded to receive $543 million in loans from Alameda — $543 MILLION in LOANS — what a joke. This talk of ‘limited immunity’ better not let child-crooks like this off the hook. And the teams at those VC funds, pension funds, and other sophisticated investors that invested in this joke of a Ponzi scheme need to all lose their jobs. A monkey could tell this company was a fraud.

Paul: His deal will get him a 90-year sentence instead of a 150-year sentence. Both with no parole.

Taylor: Unless this guy can provide information that leads to the recovery of multiple millions of dollars in stolen money, I say no deal for him or anyone. SBF is clearly guilty and an arrest warrant and extradition from a foreign country would not have happened otherwise. It’s time to stop giving criminals like this plea deals that allow them to point the finger and ultimately give them a slap on the wrist. These individuals need to be held accountable for the crimes they have committed and the lives that they have ruined. No more deals.

Miranda: If he gets a “deal” to stay out of jail, he walks away a rich man because he has money stashed away offshore. But put him in jail and he never get to enjoy that money for himself.

Rose: What deal? the guy got $543 million in loans, which is really investor funds that was wrongly given to others, so where is that loan money now? How about the cough it up first, and then look to make a deal? This is like putting the cart before the horse.

Luke: This kid engineered the “back door” through which SBF and his troll/girlfriend stole client funds. His fellow inmates will tear him a new back door once he gets to federal prison.

Anderson: The rats are starting to abandon ship, he knew and was directly involved … if they cut a deal it should be minimal and he should still see prison.

Meggie: The parents of SBF could very well be involved in this scheme.

Nathan: Now the all-out snitching and backstabbing begins in full force. All these Ivy League kids involved are lining up to spill their guts as soon as they can before they get implicated etc. it will come out that they all new 100% that they were running a criminal operation. The hubris of their actions is amazing.

Sohail Choudhury is the Executive Editor of Blitz

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