Former FTX executive Nishad Singh is asking a US federal judge for lenient punishment ahead of sentencing for his role in the exchange's collapse.
In a memorandum filed on October 16, Singh's legal team emphasized the limited nature of his cooperation and involvement with authorities and asked for a reduced sentence.
Lawyers highlighted his swift response to the investigation and his actions once he realized the extent of FTX's misconduct. The defense argued that Mr. Singh's participation in the events that led to the company's downfall was relatively minor compared to other executives.
The lawyers wrote:
“His circumstances are unusual in every respect relevant to sentencing: his personal history and characteristics, his role in the crimes he is charged with, his speed of cooperation, his response to the collapse of FTX, and how he has lived his life since then. Has it been rebuilt?”
Singh is one of several former FTX executives to plead guilty after the company imploded, resulting in billions of dollars in losses for investors.
Other sentencing
Singh is among a group of FTX leaders facing sentencing for their roles in the scandal, including FTX co-founder Gary Wang, who is also awaiting sentencing. Meanwhile, Ryan Salame was sentenced to seven and a half years in prison earlier this year and is scheduled to begin his sentence soon.
Caroline Ellison, the former CEO of Alameda Research who also cooperated with authorities, was sentenced in September to two years in prison for her role in the FTX fraud.
Former FTX CEO Sam Bankman Fried is accused of orchestrating a multibillion-dollar fraud that caused thousands of investors to lose their money and the exchange to collapse. He was sentenced to 25 years in prison.
SBF appeal
SBF recently filed an appeal to overturn his 25-year prison sentence. His defense team argued that his trial was marred by judicial bias and procedural errors.
The appeal alleges that U.S. District Judge Lewis Kaplan made prejudicial statements during the trial and created an unfair environment for the defense. Additionally, the defense criticized Mr. Kaplan for limiting key defense arguments, including SBF's ability to testify about its reliance on legal advice for certain business decisions.
SBF's legal team further argued that the jury was presented with only a partial explanation that suggested the client's funds were permanently lost. They claim that evidence indicating that the funds could be recovered through bankruptcy proceedings was unfairly excluded.
As SBF's appeal progresses through the courts, it remains unclear whether he will receive a new trial or continue his sentence, with Singh's sentencing expected to be known in the coming months.
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