SBF Trial – Nishad Singh kicks off week 3 by confessing to stealing customer funds for straw political donations
Oct. 17, 2023
By Assad Jafri
The third week of SBF’s trial has kicked off with the prosecution bringing former FTX engineering director Nishad Singh, another key member of the exchange’s leadership and SBF’s inner circle.
Singh’s testimony comprised further explosive allegations regarding the cryptocurrency exchange’s involvement in illegal political donations, including the fact that his accounts were used without prior permission.
Singh told the courtroom that Alameda would send him stolen customer funds, which would then be spent from his account for political donations. He further divulged that the stolen funds were used for investments and other spending.
Stolen funds donated to politicians
Singh told the courtroom that former FTX executive Ryan Salame — who has already pleaded guilty to his role in the campaign finance scheme, allegedly manipulated Singh’s bank account to funnel money towards various political causes. Salame would then seek Singh’s approval for these transactions through encrypted Signal chats.
Speaking before the jury, Singh candidly admitted:
“My role was to click a button.”
In addition to the electronic transactions, Singh disclosed that he had provided signed blank checks to a team led by SBF’s brother, Gabriel Bankman-Fried, who used them to make political contributions.
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