Former FTX top manager Nishad Singh received a suspended sentence and three years of supervision, becoming the fourth ex-employee of the bankrupt crypto exchange to be punished. He was also ordered to pay a fine of $11 billion.
Singh faced up to 75 years in prison, but New York judge Lewis Kaplan noted his significant cooperation with the government. According to the judge, Singh’s role in the fraudulent scheme was far less significant compared to the actions of FTX founder Sam Bankman-Fried and former Alameda Research hedge fund CEO Caroline Ellison.
Ellison was the main witness in the trial against Bankman-Fried, having previously received a two-year prison sentence.