Nishad Singh, the 27-year-old FTX executive who bankrolled a torrent of campaign ads boosting U.S. Rep. Becca Balint (D-Vt.) during last year’s Democratic primary, admitted in federal court on Tuesday that his election contributions were fraudulent.
Singh pleaded guilty to six criminal charges related to his work at the bankrupt cryptocurrency exchange, including conspiracy to defraud the Federal Election Commission, money laundering and defrauding FTX customers. He is expected to cooperate in the government’s ongoing criminal case against the company’s founder, Sam Bankman-Fried.
The government has alleged that Bankman-Fried and his associates misappropriated funds that customers deposited into the FTX exchange, then used them for other purposes, including a scheme to buy influence with politicians who could shape crypto-industry policy. FTX collapsed in November after a leaked balance sheet prompted panicked users to try to withdraw funds en masse from the exchange.
“I am unbelievably sorry for my role in all of this,” Singh, the company’s former director of engineering, said during a court hearing, Reuters reported.
During the homestretch of last summer’s primary, Singh gave $1.1 million to a super PAC, the LGBTQ Victory Fund Federal PAC, which then spent nearly $1 million on mailers and digital ads urging voters to support Balint in her race against then-lieutenant governor Molly Gray. Singh’s role in the ad blitz was not disclosed until after Election Day.
But Singh was merely the face of the donations. The funds were actually misappropriated FTX customer deposits, which were steered to campaigns across the political spectrum by Bankman-Fried and his associates, federal prosecutors allege. Singh, an indictment filed last week against Bankman-Fried detailed, was the coconspirator they designated to give the money to “woke shit for transactional purposes.”
Bankman-Fried has denied the charges.
The Balint campaign, which received personal donations from Singh and Bankman-Fried, said it did not solicit those contributions. The campaign also said it had no contact with the LGBTQ Victory Fund Federal PAC.
The campaign “is committed to fully cooperating with the U.S. Attorney’s investigation of Mr. Bankman-Fried and FTX,” campaign manager Natalie Silver said. “As this is an ongoing investigation, we cannot comment further.”
Singh was released on $250,000 bond pending sentencing. He reportedly agreed to forfeit the proceeds he earned from the FTX schemes.
Read the charges against Singh below:
Related Stories
Got something to say?
Send a letter to the editor and we'll publish your feedback in print!
