In a New York federal court on Wednesday, Nishad Singh, a former engineering director at FTX and one-time close associate of Sam Bankman-Fried, was sentenced to time served, meaning he will not face imprisonment like some of his former colleagues. Singh was also ordered to pay a substantial $11 billion in restitution. The 29-year-old pleaded guilty to six counts of criminal activity, including wire fraud and conspiracy, in February and is the fourth FTX executive to be sentenced for his role in the company's fraud.

Bankman-Fried, the mastermind behind the scheme, received a 25-year prison sentence in March. Ryan Salame, the former CEO of FTX Digital Markets, recently began serving his 7.5-year sentence, while Caroline Ellison, the former CEO of Alameda Research and one-time girlfriend of Bankman-Fried, was sentenced to two years in prison last month, with her sentence greatly reduced due to her extensive cooperation with prosecutors.

During Singh's sentencing, Judge Lewis Kaplan of the Southern District of New York emphasized the differences between Singh's case and Ellison's, noting that Ellison was involved in the fraud from the beginning and was aware of it for years. In contrast, Singh was not aware of the scheme until two months before the exchange collapsed. Kaplan and prosecutors highlighted Singh's cooperation with the government, which included self-incrimination and the revelation of previously unknown crimes.

Despite his cooperation, Singh admitted to being aware of the $8 billion deficit in FTX's balance sheet by September 2022, two months before the exchange's collapse. Moreover, he proceeded with the purchase of a $3.7 million estate on Washington's Orcas Island in October 2022, a decision his lawyer described as a 'deep mistake.' The sentence was a welcome outcome for Singh and his legal team, who had requested that he serve no prison time. In a court filing, Singh's lawyers emphasized his limited involvement in the scheme and his cooperation with the prosecution, describing him as an 'uncommonly selfless individual.' Over 20 friends and family members, including Singh's fiancee and parents, attended the sentencing hearing, with many expressing relief and emotion at the news that Singh would not be imprisoned.

Before dismissing the court, Judge Kaplan addressed Singh's parents, stating that he saw no wrongdoing on their part.