NEW YORK, Oct 17 — Sam Bankman-Fried directed that money from his Alameda Research hedge fund be used to make political donations after he learned the fund owed US$13 billion...
Defence lawyer Mark Cohen objects as Assistant US Attorney Nicolas Roos questions Nishad Singh during Sam Bankman-Fried’s fraud trial over the collapse of FTX at the Federal Court in New York October 16, 2023 in this courtroom sketch.
“There was an enormous hole,” said Singh, FTX’s former engineering chief. “Alameda sending me money to spend ... necessarily deepened that hole.”Prosecutors say Bankman-Fried looted billions of dollars in customer funds to prop up Alameda, buy real estate and donate more than US$100 million to US political campaigns to burnish his influence. He has pleaded not guilty, and argues that while he made mistakes running FTX, he did not steal funds.
Singh said another FTX executive had told him the deals were meant to help spur user growth. But Singh said the deals “reeked of excess and flashiness” and that he urged Bankman-Fried to cancel them once he learned about the shortfall in customer funds. Singh gave jurors a window into Bankman-Fried’s political operation. He said he often let Guarding Against Pandemics — a political action group run by Bankman-Fried’s younger brother Gabriel — use his name to donate funds originating from Alameda.
“I was a straw donor for campaign donations,” Singh said. “I knew that the money for those donations was coming from customer funds.”
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