FTX's Singh to plead guilty to fraud charges; SEC, CFTC file separate complaints (update)

Update (2.38 pm ET): Adds charges by the SEC and CFTC. Nishad Singh, former FTX ( FTT-USD ) director of engineering, agreed to plead guilty to fraud charges at a hearing in Manhattan federal court on Tuesday. The charges include wire fraud, conspiracy to commit wire fraud on FTX customers, and conspiracy to commit commodities fraud. In connection with the guilty plea, Singh will forfeit certain assets received from FTX and its sister firm Alameda Research. Later in the day, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission filed separate charges against Singh. The SEC charged Singh with defrauding investors, while the CFTC's charges were fraud by misappropriation, and aiding and abetting fraud committed by FTX co-founder Sam Bankman-Fried, FTX and Alameda. Both agencies alleged that Singh was responsible for creating software code underlying FTX that allowed customer funds to be diverted to Alameda. Also, as FTX neared collapse, the SEC alleged that Singh withdrew ~$6M from FTX for personal use, including the purchase of a multi-million dollar house. The CFTC said Singh does not contest his liability on its claims and agreed to a proposed consent order of judgment. Late last year, former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang - other members of Bankman-Fried's inner circle - pled guilty to fraud charges . Singh earlier engaged with prosecutors to seek a plea deal . Several former FTX executives hired lawyers to discuss cooperating with prosecutors, including Daniel Friedberg, FTX's former top counsel, Reuters noted . Bankman-Fried, who is facing a string of federal charges and will go on trial in October, pleaded not guilty to fraud and other charges. Last week, he was indicted with additional criminal charges .