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Settlement and Penalties
Singh agreed to a $3.7 million settlement with the CFTC to resolve fraud charges.
“Singh will pay a disgorgement of $3.7 million and imposes a five-year ban on trading and an eight-year registration ban”
The settlement includes a five-year trading ban and an eight-year registration ban.
The CFTC did not seek additional fines based on Singh's cooperation.
Singh's attorneys expressed gratitude that the CFTC recognized his limited role.
Role in FTX Collapse
Singh was accused of personally misappropriating millions of dollars in assets.
The CFTC's initial consent order found him liable on two counts.
Singh pleaded guilty to fraud and testified against Bankman-Fried.
He occupied a uniquely sensitive position as the architect of FTX's infrastructure.
Cooperation and Legal Strategy
The CFTC is not seeking restitution at this time based on Singh's cooperation.
“David Miller ruled out additional restitution or civil monetary penalties for now”
Singh was spared from prison and continued to cooperate.
The case illustrates how cooperation shapes outcomes in crypto fraud investigations.