Judge rules that former FTX chief engineer Nishad Singh avoids jail time

Odaily News New York federal court Judge Lewis A. Kaplan has ruled that former FTX chief engineer Nishad Singh should avoid jail time. Singh's testimony helped authorities convict FTX founder SBF, who was sentenced to 25 years in prison. "I have tremendous remorse for my involvement and the harm I caused to so many innocent people," Singh told the judge before being sentenced. "The two months before and after the collapse of FTX were the hardest of my life." Kaplan addressed Singh's parents in a "private" capacity before leaving the courtroom, saying, "I don't think you did anything wrong." Singh's sentence is the most lenient to date for former FTX executives who pleaded guilty after the collapse of FTX. Alameda Research CEO Caroline Ellison was sentenced to two years in prison in September. Former FTX Digital Markets CEO Ryan Salame, who was sentenced to seven and a half years in prison for his role in a campaign finance scheme, did not testify. FTX co-founder Gary Wang, who is due to be sentenced on Nov. 20, is the government's last key cooperating witness. Singh's lawyers tried to distinguish him from Wang and Ellison, arguing that he was not part of the conspiracy at the heart of the case. Singh first learned in September 2022, two months before FTX collapsed, that sister hedge fund Alameda Research had been withdrawing billions of dollars in customer funds. The judge agreed. (Bloomberg) Earlier, U.S. government prosecutors trying the case of former FTX executive Nishad Singh had asked the sentencing judge to consider Singh's "substantial assistance" and "exemplary cooperation" in the government's investigation of FTX. In a document filed on October 23, prosecutors said Singh "showed sincere remorse and a desire to help." Singh assisted the government in understanding how FTX's code allowed for the illegal use of customer funds, and described in detail the transactions Sam Bankman-Fried made using the stolen money.