FTX executive Nishad Singh was charged by two U.S. regulators on Feb. 28, adding further allegations to the list of federal charges that he received earlier in the day.
The U.S. Securities and Exchange Commission (SEC) and Commodities and Futures Trading Commission (CFTC) filed the latest sets of charges.
Both agencies accused Singh of mismanaging funds and misleading FTX investors, and both seek to impose restrictions and penalties on Singh.
The CFTC specifically accused Singh of aiding and abetting fraud and committing fraud by misappropriation in its two-count complaint. The CFTC also said that its charges today are related to other charges concerning FTX; in recent months, the regulator has alleged that FTX lost more than $8 billion of customer funds through its fraudulent activities.
The SEC, meanwhile, called Singh’s actions “fraud, pure and simple” and deemed Singh an “active participant” in deceiving FTX investors. As such, the securities regulator says that Singh violated the anti-fraud provisions of two Securities Acts.
Those allegations are parallel to earlier charges from the Southern District of New York (SDNY) on Feb. 28. The SDNY brought six conspiracy charges against Singh, including charges related to fraud and campaign finance violations. Singh pled guilty to those charges and agreed to forfeit certain assets that he has received from FTX and Alameda.
FTX and Alameda Research associates Gary Wang and Caroline Ellison reached similar plea deals in December. Former FTX CEO Sam Bankman-Fried awaits trial.
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