FTX executive Nishad Singh was indicted by two US regulators on Feb. 28, adding further allegations to the list of federal indictments he received earlier in the day.
The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have filed the latest series of claims.
Both agencies have accused Singh of mismanaging funds and misleading FTX investors, and seek to impose restrictions and penalties on Singh.
of CFTCs specifically accused Singh of facilitating, facilitating, and committing the crime fraud by embezzlement On that 2 count complaint. The CFTC also said today’s charges are related to other charges on his FTX.In recent months, regulators claim FTX lost more $8 billion in customer funds due to fraud.
of SECon the other hand, called Singh’s actions “pure and simple fraud” and viewed Singh as an “active participant” in defrauding FTX investors. It states that you have violated the anti-fraud policy.
These allegations parallel previous indictments from the Southern District of New York (SDNY) on February 28. SDNY has filed six conspiracy charges against him against Singh, including indictments related to fraud and campaign finance violations. Singh pleaded guilty to these charges and agreed to forfeit certain assets received from FTX and Alameda.
FTX and Alameda Research associates Gary Wang and Caroline Ellison agreed to a similar plea deal in December. Former FTX CEO Sam Bankman-Fried is awaiting trial.