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CFTC Resolves Enforcement Action Against Former FTX Executive Nishad Singh
The CFTC has finalized its enforcement action against former FTX head of engineering Nishad Singh, imposing $3.7 million in disgorgement and multi-year industry bans.
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The Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the Southern District of New York entered a supplemental consent order against Nishad Singh, the former head of engineering at collapsed cryptocurrency platform FTX.
The supplemental consent order requires Singh to pay $3.7 million in disgorgement and imposes both a five-year trading ban and an eight-year registration ban, effective from the date of the initial consent order. Singh is also required to maintain continued cooperation with the regulatory agency.
The resolution stems from an initial consent order issued in April 2023, which found Singh liable for fraud by misappropriation as well as aiding and abetting fraud. That order permanently enjoined him from further violations of the antifraud provisions of the Commodity Exchange Act and related Commission regulations.
According to CFTC Director of Enforcement David Miller, the sanctions reflect the severity of the violations committed during Singh's time at FTX while also taking into account his substantial cooperation with investigators. In light of his assistance in CFTC proceedings and a parallel criminal case—where Singh pled guilty to six criminal counts including conspiracy to commit commodities fraud—the CFTC confirmed it is not seeking civil monetary penalties or additional restitution at this time.