Nishad Singh’s Short Sentence: A Story of Limited Involvement

Nishad Singh, the former head of engineering at FTX, received no jail time and three years of supervised release on Wednesday. Instead of the maximum 75 years, he was ordered to forfeit $11 billion. Judge Lewis Kaplan praised Singh’s cooperation with the government, noting it was “remarkable. ” Sing was involved in the fraud, but Judge Kaplan believed his role was less significant compared to co-founder Sam Bankman-Fried and Caroline Ellison, the former CEO of Alameda Research. Singh pleaded guilty to six charges, including conspiracy to commit securities fraud and money laundering. He admitted to going against his values and sought no forgiveness. His lawyer, Andrew Goldstein, emphasized that Singh’s involvement was late and that his cooperation with the government was extensive. Prosecutors highlighted Singh’s remorse and eagerness to assist, which helped uncover unknown crimes, like the campaign finance scheme. Before his sentencing, Singh rehearsed his statement alone in the elevator, illustrating his seriousness about the proceedings. FTX collapsed in November 2022, unable to meet customer withdrawal demands and accused of stealing $8 billion. Bankman-Fried received 25 years in prison and a $11 billion fine. Notably, Singh’s cooperation included testifying at Bankman-Fried’s trial. The courtroom was filled with Singh’s supporters, including his fiancée and family. Letters of support came from various sources, including Bankman-Fried’s brother, Gabe, and FTX’s new CEO, John Ray. Ray praised Singh’s assistance during the bankruptcy proceedings. Another top FTX executive, Ryan Salame, was sentenced to seven and a half years, while Gary Wang, the co-founder, awaits sentencing in November.