The former FTX manager “will likely go to jail” to pay the price according to Anthony Scaramucci
Skybridge Capital founder and managing partner Anthony Scaramucci has stated that Nishad Singh, former engineering director at FTX, who pleaded guilty to fraud charges brought against him in late February, will go to jail and “pay the price” for causing investors to lose thousands of dollars.
On the sidelines of the second Investopia conference, in partnership with the Scaramucci Thought Leadership Forum SALT, the Wall Street banker told Cointelegraph that “the entire fraud ring is unbelievable,” adding:
“It is possible that he (Singh) will have to go to jail and pay for what they did, which means that there was really real treason.”
Scaramucci also noted that Sam Bankman Freed, co-founder and former CEO of FTX, decided to say he was innocent in order to stay out of prison for as long as possible, unlike the “three or four people” around him who had already pleaded guilty:
“Obviously Bankman Fried has to admit what he did and how he did it, and we hope he does soon.”
In January, Bankman-Fried pleaded not guilty to all criminal charges against him, and his trial date has been set for October 2. Currently, Bankman-Fried is released on $250 million bail, but is under house arrest at his parents’ home in Palo Alto, California, and his online activities are restricted.
Nishad Singh is the latest member of Bankman Fried’s inner circle to plead guilty to the charges brought against him by US prosecutors, similar to FTX co-founder Gary Wang and former Alameda Research CEO Carolyn Ellison who have pleaded guilty to the charges. December, Singh has agreed to cooperate while prosecutors investigate.
Opportunities in the Middle East
In the aftermath of FTX’s downfall, Scaramucci admitted that he had gone through one of his “worst years” as an investor, saying they “got things wrong,” including his relationship with Bankman Fried, and explained that he is currently working on recovering the lost stake in FTX and focusing on building his business. Including SALT Forum, working to increase their funds.
Scaramucci hailed the economic opportunities in the Middle East, saying that the region is growing primarily because of the culture found in countries such as the UAE. He said:
“I’m very optimistic about both Abu Dhabi and Dubai – and the greater UAE. Also, in the long term, there are important places like Saudi Arabia as they continue to develop and change.”
Scaramucci confirmed that he plans to bring the SALT conference to Riyadh, adding that “this is going to be a major growth area in the world.”
Despite a market downturn last year that saw many scams and bankruptcies, Scaramucci said 2023 will be a year of recovery with a lot of adoption.
