FTX Exec Loses $3.7 Million Island Home to Authorities 5 Months After Buying It
Nishad Singh – FTX’s Lead Engineer – bought a $3.7 million vacation home in the San Juan islands last October. Now, the property has been seized by the U.S. government.
The home – purchased roughly two weeks before FTX went bankrupt – is located on a wooded hill, and features six bedrooms, a lap pool, and a hot tub.
- Singh has been forced to forfeit the home after pleading guilty to multiple charges related to his role at FTX, including wire fraud, money laundering, and campaign finance violations.
- Though Singh, 27, purchased the home with money from his FTX account, authorities believe those funds are directly linked to his crimes.
- Prosecutors allege that Bankman-Fried and his associates misappropriated funds at the exchange for personal use, and for trading at Alameda Research – a claim backed by FTX bankruptcy head John Ray.
- A charity linked to FTX appeared to have used funds to purchase a multi-million dollar mansion in the Czech Republic in July 2022.
- Singh has also been forced to forfeit an undisclosed amount of stock, according to Bloomberg. Sam Bankman-Fried saw his $470 million worth of Robinhood shares seized by the DOJ in February.
- Bankman-Fried has pled not guilty to his 12-count indictment, but his fellow executives – including Singh, FTX co-founder Gary Wang, and Alameda Research CEO Caroline Ellison – have all confessed to the crime, with the former receiving a smaller sentence in return for an early plea.
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