FTX Executive Alleges Sam Bankman-Fried Misused Customer Funds for Lavish Expenditures

Singh expressed his feelings of betrayal and embarrassment, stating that he was initially impressed and proud to work for FTX, but eventually felt ashamed of the company’s financial practices. He also revealed that he had contemplated suicide as FTX unraveled.

Bankman-Fried, who is 31 years old, faces charges of diverting billions of dollars in customer deposits to a trading firm he owned. Prosecutors allege that he used these funds for political contributions, venture capital investments, and real estate purchases.

Singh is one of three executives who have pleaded guilty to fraud charges and agreed to cooperate with the authorities. Gary Wang and Caroline Ellison, who also worked for Bankman-Fried, testified last week that they were directed by him to engage in fraudulent activities that led to FTX’s collapse. Another executive, Ryan Salame, also pleaded guilty but chose not to cooperate.

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