Key FTX executive Nishad Singh met with prosecutors: report - Breaking News

Key FTX executive Nishad Singh met with prosecutors: report

A key FTX executive reportedly met with the feds last week, adding another headache for Sam Bankman-Fried as former colleagues line up to flip on the disgraced ex-billionaire.

Nishad Singh, FTX’s former head of engineering and a member of Bankman-Fried’s inner circle, had a proffer session with prosecutors from the Southern District of New York, Bloomberg reported Monday night, citing people familiar with the matter.

Singh has not been charged in connection to FTX’s implosion, but his attendance signaled he is seeking a plea deal, according to the outlet.

Proffer sessions usually serve as a precursor to more substantial cooperation agreements, with participants receiving limited legal immunity in exchange for spilling dirt.

Prosecutors will assess the value of Singh’s information before deciding whether to offer him a deal.

A representative of the Southern District of New York and Singh’s attorney, Andrew G. Goldstein, declined Bloomberg’s request for comment.

Nishad Singh
Nishad Singh was FTX’s head of engineering.

Singh was close friends in high school with Bankman-Fried’s brother, Gabriel. Before joining FTX, Singh worked at Bankman-Fried’s cryptocurrency hedge fund, Alameda Research.

Court filings in November revealed that Singh had received $543 million in loans from Alameda, CoinDesk reported. Alameda shuttered in November as FTX and more than 100 affiliates declared bankruptcy.

Like Bankman-Fried, Singh was a Democratic mega-donor ahead of the 2022 midterm elections. He pledged more than $9 million to Democratic causes, according to data compiled by OpenSecrets.

If he does reach a cooperation agreement, Singh would join a growing list of major FTX officials who have cooperated with authorities about the firm’s inner workings.

Sam Bankman-Fried
Sam Bankman-Fried faces 115 years in prison.
AFP via Getty Images

FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison — who is also Bankman-Fried’s ex-lover — have both taken plea deals and pleaded guilty to fraud. A recent court transcript revealed Ellison apologized for her role in the alleged scheme.  

Ryan Salame, the co-CEO of FTX Digital Markets, previously informed regulators in the Bahamas that FTX had used customer funds to “cover financial losses” at Alameda.

Elsewhere, ex-FTX chief regulatory officer Dan Friedberg, an attorney with ties to the UltimateBet “God Mode” poker cheating scandal, began cooperating with the feds last November.

Earlier this week, Brett Harrison, the former president of FTX’s US operation, pledged to reveal his knowledge about the company’s dealings “in time” and hinted that he may already be talking to investigators.

Nishad Singh
Nishad Singh previously worked at Alameda Research.
Twitter/Nishad Singh

Bankman-Fried is under house arrest and has pleaded not guilty to eight federal charges. Prosecutors have accused him of overseeing one of the largest frauds in history while bilking customer funds to pay for a lavish lifestyle and cover losses at Alameda.

With Post wires