Posted on 03/01/2023 3:08:59 PM PST by george76
Nishad Singh is third person in founder’s inner circle agreeing to cooperate with federal prosecutors
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The collapse of FTX has set off the largest crypto-related bankruptcy ever
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Singh said that in mid-2022 he learned that Mr. Bankman-Fried’s crypto hedge fund Alameda Research was borrowing FTX customer funds. By September 2022, Alameda was no longer able to repay the billions of dollars that it had taken from FTX, Mr. Singh said. He said that, at the direction of Mr. Bankman-Fried, he falsified FTX’s revenues to make the company more appealing to investors.
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Mr. Singh also pleaded guilty to defrauding the U.S. in a campaign-finance scheme. He admitted in court that he made illegal donations to political-action committees and candidates using Alameda funds. The contributions were to enhance Mr. Bankman-Fried and FTX’s political influence, he said.
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The FTX founder’s trial is scheduled for October. Mr. Bankman-Fried in December was arrested and extradited from the Bahamas on fraud and conspiracy charges related to the implosion of FTX. Last week, prosecutors unveiled a new indictment charging him with additional crimes. Prosecutors said that Mr. Bankman-Fried stole billions of dollars of FTX customer funds, in addition to misleading investors and lenders.
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Singh created software code that allowed FTX customer funds to be diverted to Alameda, and he knew Mr. Bankman-Fried was improperly using such funds
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Singh’s plea follows similar admissions in December by former Alameda Chief Executive Caroline Ellison and Gary Wang, FTX’s former chief technology officer. Both pleaded guilty to fraud offenses and are cooperating with prosecutors.
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Like Mr. Bankman-Fried, Mr. Singh used his crypto wealth to become a political megadonor, showering millions of dollars last year on candidates, political-action committees and branches of the Democratic Party.
(Excerpt) Read more at wsj.com ...
and another one bites the dust ... walls REALLY closing in on SBF given that his top three lieutenants have each now pleaded guilty to multiple fraud charges and promised to fully cooperate ...
Yet another democrat money laundering scheme that worked as planned.
The players are expendable, they got their democrat socialists installed. That’s what counts.
Nishad Singh did not kill himself
(Yet another democrat money laundering scheme that worked as planned)
Insert pic of SBF with Tony Blair and Bill Clinton
I’m sure he knows too much...
“Yet another democrat money laundering scheme that worked as planned.”
ftx hedged their bets by also making illegal donations to large numbers of republicans ... about 60% Dems, 40% Pubs ... the REALLY sad thing is that powerful Pubs heading powerful House committees are pushing REAL hard to save the crypto scam, while several powerful Democrat Senators are totally opposed to crypto ...
The fair value of all these crypto coins is $0. There are going to be a lot of big shakeups until that becomes clear.
“the REALLY sad thing is that powerful Pubs heading powerful House committees are pushing REAL hard to save the crypto scam”
Yup—I watched several hearings on CSPAN on this stuff and you are correct.
The Republicans just can’t help themselves—they have to cash in on every con and then wonder why the “deplorables” hate their guts.
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