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I just read that Nishad Singh, the former head of engineering at FTX, was fined $3.7 million by the CFTC. The interesting part is that Singh negotiated his situation quite well considering everything that happened.
The CFTC banned him from trading in markets for 5 years and he cannot register in the industry for 8 years. Before this, the SEC had already imposed a similar ban on him last December. Nishad Singh testified against the former CEO of FTX in the criminal trial, which helped him avoid decades in prison.
The detail is that Singh cooperated with authorities from the beginning, which is why the CFTC took that into account in the penalty. His criminal case is already closed with a prison sentence and supervision. All of this stems from the FTX collapse in 2022 when the misappropriation of user funds was discovered. Nishad Singh basically became a key witness for the government. I don’t know, it seems that making an early deal with prosecutors really changes the final outcome.