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Alameda Research

A third former FTX-linked executive is reportedly considering providing evidence against Sam Bankman-Fried for a more lenient sentence.

As the investigation into FTX continues, the crypto exchange’s former engineering chief, Nishad Singh, followed former FTX and Alameda Research executives Gary Wang and Caroline Ellison by reportedly meeting with federal prosecutors to cut a deal.

Singh attended a proffer session during the week of Jan. 2 at the office of the United States Attorney for the Southern District of New York. Individuals may be granted limited immunity to share their knowledge with prosecutors at such meetings. Prosecutors likely sought to determine if Singh has valuable information to offer in the lawsuit against FTX founder Sam Bankman-Fried, according to a Jan. 10 Bloomberg report.

Bankman-Fried also faces campaign finance violations and prosecutors are interested in Singh’s knowledge about FTX’s political donations.

Singh made significant political donations over the years and could help prosecutors gain a better understanding of FTX’s political activities.

His cooperation could lead to him entering a plea deal if his information is determined to be valuable.

Singh could join Wang and Ellison as the latest FTX-linked executive to reach an agreement with federal prosecutors.

After Wang and Ellison entered pleas, U.S. Attorney Damian Williams issued a warning in December 2022 to those who participated in the misconduct at FTX and Alameda, saying, “come see us before we come to see you.”

It was reported on Jan. 5 that the United States Securities and Exchange Commission is investigating Singh for potentially having a role in defrauding FTX investors and users.

This comes after news in December 2022 that politicians and news organizations reportedly planned to return $6.6 million in donations from FTX, with three prominent Democratic groups having decided to return over $1 million to investors that had lost funds.

In a November 2022 filing, it was revealed that Alameda loaned $543 million to Singh, one of three related party loans given by the trading firm. The filing also revealed a $1 billion loan to Bankman-Fried and $55 million to the then FTX Digital Markets co-CEO Ryan Salame.

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December 22, 2022 Bitcoin.com

FTX’s Gary Wang and Alameda’s Caroline Ellison Plead Guilty to Fraud, Duo Is ‘Cooperating’ With Feds

December 22, 2022 Bitcoin.com

Breaking: Caroline Ellison and Gary Wang plead guilty to fraud charges

December 22, 2022 Coin Telegraph

Alameda Research

Both former executives of FTX and Alameda Research have been charged for their role in the "frauds" that led to FTX's collapse.

Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to federal fraud charges and are cooperating with prosecutors as part of the criminal case against the former CEO of FTX, Sam Bankman-Fried.

United States Attorney for the Southern District of New York (SDNY), Damian Williams made the announcement on Dec. 22, emphasizing that the latest major development is unlikely to be the last.

"As I said last week, this investigation is ongoing and moving very quickly. I also said last week's announcement would not be our last and let me be clear once again, neither is today's," he said, adding that:

I'm announcing that SDNY has filed charges against Caroline Ellison [...] and Gary Wang [...] in connection with their roles in the frauds that contributed to FTX's collapse. Both Ms. Ellison and Mr. Wang have plead guilty to those charges and both are cooperating with the SDNY.

Williams also confirmed that SBF is now in the custody of the Federal Bureau of Investigation (FBI) and is "on his way back to the United States" where he will be transported directly to the Southern District of New York to appear before a judge "as soon as possible."

Statement of U.S. Attorney Damian Williams on U.S. v. Samuel Bankman-Fried, Caroline Ellison, and Gary Wang pic.twitter.com/u1y4cs3Koz
— US Attorney SDNY (@SDNYnews) December 22, 2022

Williams also used the statement to send a stark warning to anyone that may have participated in misconduct at FTX or Alameda:

"Now is the time to get ahead of it. We are moving quickly and our patience is not eternal."

SBF was officially handed over from Bahamanian custody to U.S. authorities on Dec. 21 after he waived his right to a formal extradition process that could have taken weeks. His lawyer claimed that SBF wanted to speed up the process as he is currently driven to "put the customers right."

Meanwhile, Ellison's recent guilty plea and cooperation with the SDNY may be unsurprising for some, given that she was reportedly spotted at a coffee shop just a short walk away from the U.S. Attorney’s Office and the New York FBI office on Dec. 5.

Gary Wang

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