The Commodity Futures Trading Commission announced that the US District Court for the Southern District of New York entered a supplemental consent order against Nishad Singh, former head of engineering at FTX, completing the resolution of the CFTC’s enforcement action against him. The order requires disgorgement of USD 3.7 million, continued cooperation with the Commission, a five-year trading ban, and an eight-year registration ban, with the bans running from the date of entry of the initial consent order. An initial consent order entered in April 2023 found Singh liable on both counts in the CFTC’s complaint, including fraud by misappropriation and aiding and abetting such fraud, and permanently enjoined him from violating the Commodity Exchange Act’s antifraud provisions and related CFTC regulations, including willfully aiding and abetting such violations. The supplemental order notes that the Commission is not seeking restitution or a civil monetary penalty at this time, citing in part Singh’s cooperation in the CFTC’s investigation and related proceedings, including a parallel criminal case in which he pled guilty to six counts, including conspiracy to commit commodities fraud.

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