🎧 Listen: In today’s episode of The Journal, aosipovich details what’s at stake for Sam Bankman-Fried after three members of the FTX founder’s inner circle pleaded guilty to fraud charges and agreed to cooperate with prosecutors
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.Alexander Osipovich: The walls are closing in on Sam Bankman-Fried.
Alexander Osipovich: So last week, Nishad Singh appeared in court in Manhattan and pleaded guilty to six criminal counts, including a variety of fraud charges. And he agreed to cooperate with the government, which means that he will be on call to potentially testify against Sam Bankman-Fried when Sam goes on trial in October.
Alexander Osipovich: Allegedly, he diverted money that FTX customers had deposited at what they thought was their accounts at exchange, and he used it for Alameda's spending, which included various venture capital investments, various trading strategies, and even things like luxury real estate and political donations.
Alexander Osipovich: They were friends. For instance, Sam Bankman-Fried and Gary Wang had known each other since math camp. Nishad Singh was close friends with Sam Bankman-Fried's younger brother, Gabriel Bankman-Fried, and Nishad, Gabe, and Sam all attended the same elite prep school in California, although Nishad was a few years younger than Sam Bankman-Fried. Caroline Ellison had worked at Jane Street, which is the trading firm where Sam Bankman-Fried also worked.
Alexander Osipovich: I interviewed Nishad Singh last summer, in the July of 2022. He came off as a very nice, well-spoken guy. Frankly it's hard for me to reconcile that conversation with knowing that he was at the time privy to this alleged fraud.
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