On the ninth day of Sam Bankman-Fried's criminal trial, former FTX engineering director Nishad Singh admitted to committing crimes and testified regarding Alameda's investments.
The former FTX engineering director reportedly testified that SBF would "unilaterally spend Alameda's money” and was “ultimately” in charge of the firm rather than Caroline Ellison.while Caroline Ellison and Sam Trabucco led Alameda, Bankman-Fried was “ultimately” in charge of the company. The former engineering director reportedly testified that “SBF would unilaterally spend Alameda's money” despite his supposedly separate role at FTX, also threatening to fire Ellison.
“I learned of spending after the fact,” said Singh according to reports. ”I'd complain about the excess and flashiness which I found different than what we were building the company for. say I didn't understand, he was out there interacting with people. I thought we were fleeced for $20 million, he said I was sowing doubt.”and K5 Global, the investment firm linked to high profile figures including former United States Secretary of State Hillary Clinton and Hollywood celebrities.
Subscribe to our ‘1 Minute Letter’ NOW for daily deep-dives straight to your inbox! ⚖️ Be the first to know every twist and turn in the Sam Bankman-Fried case! Subscribe now:Singh’s testimony came on the ninth day of Bankman-Fried’s criminal trial, which kicked off in New York on Oct. 3. Members of the jury haveand Gary Wang.
Prior to Singh, prosecutors called on FTX user Tareq Morad on Oct. 16 to speak on his understanding of how the crypto exchange planned to use his deposits and his perception of Bankman-Fried influenced his decision to invest with the firm. Morad reportedly testified that amid reports ofBankman-Fried’s criminal trial is expected to run through November, following which he will likely enter another courtroom in March 2024 to face similar charges.
So far in court, Ellison, Wang, and Singh all admitted to committing crimes with Bankman-Fried. Ellison testified she provided fraudulent documents and made misleading statements concerning Alameda using FTX funds, and Wang
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