Former FTX executive Nishad Singh receives no prison time in fraud case

Former FTX head of engineering Nishad Singh has avoided prison time in the ongoing legal aftermath of the crypto exchange’s collapse.

The sentencing took place on Wednesday in Manhattan, where Judge Lewis Kaplan emphasized Singh’s exceptional cooperation with authorities.

Singh receives three years of supervised release

Despite facing potential maximum sentences totaling 75 years, Singh received time served and three years of supervised release.

Judge Kaplan ordered an $11 billion forfeiture but distinguished Singh’s involvement as “far more limited” than that of FTX founder Sam Bankman-Fried or former Alameda Research CEO Caroline Ellison.

During the hearing, Singh delivered an emotional statement, speaking softly about straying from his values while acknowledging that his assistance in the government’s investigation provided him with purpose.

According to CNBC, before the proceedings, witnesses observed him rehearsing his statement alone in the elevator.

Prosecutors praised Singh’s eagerness to assist

Prosecutors revealed meeting with Singh on at least 24 occasions. They also praised his “earnest remorse and eagerness to assist.”

Nicolas Roos, a trial prosecutor, specifically highlighted Singh’s exclusive revelation of previously unknown campaign finance schemes. This had initially implicated Bankman-Fried in $100 million of unauthorized campaign contributions.

The prosecution team emphasized Singh’s cooperation brought to light criminal activities that “the government was not aware of and, in some cases, may have never discovered.”

This level of assistance prompted prosecutor Roos to argue that leniency would send an important message. More than 30 friends and family members attended the sentencing. Singh’s immediate family also occupied the front row. The court received over 100 support letters, including notable submissions from Gabe Bankman-Fried and current FTX CEO John Ray.

Ray’s letter specifically praised Singh’s assistance during bankruptcy proceedings and his voluntary return of Bahamian real estate purchased with FTX funds.

The sentencing marks the fourth punishment handed down to former FTX executives. This was following Sam Bankman-Fried’s 25-year sentence, Caroline Ellison’s two-year term, and Ryan Salame’s seven and a half-year sentence.

Gary Wang, FTX’s co-founder and former technology chief, awaits sentencing on November 20.