The Commodity Futures Trading Commission (CFTC) has finalized its first individual case in the FTX enforcement action, ordering former FTX engineering head Nishad Singh to pay $3.7 million in disgorgement. The order waives restitution and civil penalties, citing Singh’s cooperation and his liability in a separate criminal forfeiture order. Three other individual cases remain unresolved, and the entire CFTC FTX docket may not close until around mid-2027.
The Commodity Futures Trading Commission has finalized a disgorgement order against former FTX engineering head Nishad Singh with no civil penalty imposed. A supplemental consent order filed in the Southern District of New York requires Singh to pay $3.7 million.
This payment represents real estate purchased in October 2022 with funds he knew were misappropriated FTX customer assets. The order also imposes a five-year trading ban and an eight-year registration ban.
CFTC director of enforcement David Miller stated that Singh “engaged in, and aided, significant violations.” However, Miller added the resolution points to rewarding “material assistance” for investigations.
Singh’s case is the first individual one fully resolved in the CFTC’s FTX enforcement action, which began in December 2022. He admitted in a 2023 guilty plea to maintaining code that allowed Alameda Research to withdraw billions in customer funds.
He later testified against Sam Bankman-Fried at trial and received no prison time. After roughly $8 billion in customer deposits were funneled to Alameda, FTX collapsed in November 2022.
The fallout triggered criminal charges against five executives and a $12.7 billion CFTC judgment against the corporate entities. Monetary remedies against executives Gary Wang and Caroline Ellison remain pending on the CFTC’s civil docket.
FTX co-founder Sam Bankman-Fried‘s case is stayed as he seeks a new trial from prison. Christian Ruz, business strategy director at crypto agency Hype, told Decrypt the remaining CFTC cases could take longer to resolve.
“We know how justice works and this is one of the most complex cases, and parties involved will try to delay the final verdict,” he added, estimating closure by mid 2027. In a recent interview, CFTC Chairman Michael Selig warned that failing to regulate prediction markets could lead to FTX-style “implosions.”
