iNDICA NEWS BUREAU-
An ex-cryptocurrency executive of Indian-origin, who once lived in the same $35 million penthouse in the Bahamas with FTX founder Sam Bankman-Fried, has been spared jail time by a judge for his role in the $8 billion theft by his jailed former boss.
During a hearing in Manhattan federal court on October 30, District Judge Lewis Kaplan removed prison time, but ordered three years of supervised release for Nishad Singh.
The judge lauded Singh for cooperating with prosecutors and speaking the truth about ‘one of the biggest financial frauds in U.S. history’.
“I am overwhelmed with remorse for the harm that I participated in and that I caused to so many innocent people,” Singh told the judge at the hearing, as quoted by Al Jazeera. “I strayed so far from my values.”
“I still have an enormous debt to society,” Singh added.
“You did the right thing,” Kaplan told Singh. “You immediately and truthfully – as far as I can see – fully unburdened yourself to the government about wrongdoing about which you were aware and which they quite clearly were not.”
Singh, 29, who previously served as FTX’s chief engineer, had entered a plea deal with prosecutors after pleading guilty to six felony counts of fraud and conspiracy. His testimony in 2023 as a prosecution witness, led to Bankman-Fried’s conviction on fraud and other charges.
Bankman-Fried, 32, is serving a 25-year prison term imposed by Kaplan.
