Nishad Singh, FTX’s former Lead Engineer, made headlines last October when he purchased a $3.7 million vacation home on the San Juan Islands. The sprawling property boasted six bedrooms, a lap pool, and a hot tub, making it the perfect getaway for Singh and his family.
However, just five months later, Singh was forced to forfeit the property to the U.S. government. The reason? He pleaded guilty to multiple charges related to his role at FTX, including wire fraud, money laundering, and campaign finance violations.
While Singh had purchased the home with money from his FTX account, authorities allege that those funds are directly linked to his crimes. Prosecutors claim that FTX’s co-founder Sam Bankman-Fried and his associates misappropriated funds at the exchange for personal use and trading at Alameda Research. These allegations are backed by FTX bankruptcy head John Ray.
In addition to forfeiting his vacation home, Singh has also been forced to give up an undisclosed amount of stock. Bankman-Fried, who had $470 million worth of Robinhood shares seized by the DOJ in February, has pled not guilty to his 12-count indictment.
Singh’s fellow executives at FTX, including co-founder Gary Wang and Alameda Research CEO Caroline Ellison, have all confessed to the crimes, with Singh receiving a smaller sentence in return for an early plea.