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Home CRYPTO

FTX CEO Seeks Reduced Sentence for Ex-Exec Singh Before Sentencing Today

Michael Juanico by Michael Juanico
October 30, 2024
in CRYPTO, POLITICS
Reading Time: 3 mins read
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  • FTX CEO John J. Ray III sent a letter to Judge Lewis Kaplan asking for leniency in the sentencing of former FTX executive Nishad Singh, citing Singh’s valuable cooperation and assistance in FTX’s bankruptcy proceedings.
  • Ray stated that Singh has agreed to provide further assistance and cooperation on an ongoing basis, and his knowledge of FTX’s systems and processes makes his continued cooperation crucial for maximizing recovery for creditors.
  • Singh is set to be sentenced by Judge Kaplan on Wednesday afternoon, following the recent sentencing of his co-conspirator Caroline Ellison to two years in federal prison.

John Ray III, the current CEO of the collapsed crypto exchange FTX, sent a letter to Judge Lewis Kaplan on Tuesday regarding the imminent sentencing of former FTX executive Nishad Singh. In the letter, Ray described Singh’s “valuable cooperation” with FTX’s ongoing bankruptcy process and implied that Singh’s continued assistance would be important for maximizing creditor recovery.

JUST IN: FTX CEO John Ray III urges Judge Kaplan to consider a lighter sentence for ex-FTX exec Nishad Singh, emphasizing Singh’s ongoing cooperation in aiding FTX’s bankruptcy recovery pic.twitter.com/dn3e0EYCrQ

— BlockNews.com (@blocknewsdotcom) October 30, 2024

The last-minute letter appears intended to compel Judge Kaplan to ensure any sentence handed to Singh will not prevent him from voluntarily cooperating with FTX’s bankruptcy team in the future.

SINGH’S ONGOING COOPERATION WITH FTX BANKRUPTCY TEAM

According to Ray, Singh has already provided “valuable assistance and cooperation” to FTX since its collapse. Furthermore, Singh has agreed to provide “further assistance and cooperation on an ongoing and prospective basis.”

Specifically, Ray explained that FTX and Singh are currently negotiating a deal where Singh would agree to testify as needed, provide documents and information, review and clarify documents, locate and retrieve assets, and answer questions from FTX advisors.

Ray characterized Singh’s potential continued cooperation as “crucial” given his extensive knowledge of FTX’s systems, processes, and personal involvement in key events.

PROSECUTORS’ PRAISE FOR SINGH’S COOPERATION

Last week, FTX’s prosecutors sent Judge Kaplan a “5K letter” describing Singh’s “exemplary” cooperation with their investigation, which they gave in exchange for said cooperation. While the letter commended Singh, it did not make any specific sentence recommendations.

In contrast, Ray’s letter explicitly aims to impact Singh’s sentencing by underscoring the value of his ongoing cooperation.

SINGH’S SENTENCING

Singh is scheduled to be sentenced by Judge Kaplan on Wednesday afternoon. Last month, Kaplan sentenced former FTX executive Caroline Ellison to two years in prison for her role in FTX’s collapse.

It remains to be seen whether Ray’s letter urging leniency for Singh based on his continued cooperation will sway Judge Kaplan’s sentencing decision.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: FTXFTX's collapseJohn Ray IIILewis KaplanNishad Singh
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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