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Alex Mashinsky

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crime1 year ago

Celsius Founder Alex Mashinsky Pleads Guilty to Fraud, Faces 30-Year Sentence

Alex Mashinsky, founder of Celsius Network, has pleaded guilty to two counts of fraud related to misleading customers and manipulating the price of the company's token, CEL. This plea is part of a broader crackdown on crypto executives following the 2022 market slump that led to several company collapses, including Celsius's bankruptcy. Mashinsky admitted to providing false information about regulatory approvals and selling his CEL holdings without disclosure. He faces a maximum sentence of 30 years as part of his plea deal.

via Al Jazeera English|
#alex-mashinsky#bankruptcy#celsius-network
cryptocurrency1 year ago

Celsius Founder Alex Mashinsky to Plead Guilty to Fraud

Alex Mashinsky, founder of the bankrupt cryptocurrency lender Celsius Network, plans to plead guilty to two counts of fraud related to commodities and market manipulation of the company's token, Cel. Initially indicted on seven counts, Mashinsky's plea comes after a series of crypto industry collapses in 2022, including Celsius's bankruptcy. The company, which filed for Chapter 11 in July 2022, was among the first to fall as crypto prices plummeted. Mashinsky's former colleague, Roni Cohen-Pavon, has already pleaded guilty and is cooperating with prosecutors.

via The Guardian|
#alex-mashinsky#bankruptcy#celsius-network
cryptocurrency1 year ago

Celsius Founder Alex Mashinsky to Plead Guilty to Fraud Charges

Alex Mashinsky, founder of Celsius Network, pleaded guilty to two fraud charges related to misleading customers and manipulating the price of Celsius' proprietary token, CEL. This plea is part of a broader investigation into fraudulent activities in the cryptocurrency sector following a market slump in 2022. Mashinsky faces a maximum sentence of 30 years and has agreed not to appeal any sentence of that length or less. Celsius, which filed for bankruptcy in 2022, has since exited bankruptcy and shifted its focus to Bitcoin mining.

via Yahoo Finance|
#alex-mashinsky#bankruptcy#celsius
cryptocurrency2 years ago

Celsius Founder to Face New York Fraud Lawsuit Amid Bankruptcy

Alex Mashinsky, the founder of bankrupt cryptocurrency lender Celsius Network, has been ordered by a Manhattan state court judge to face a civil fraud lawsuit filed by New York Attorney General Letitia James. The lawsuit alleges that Mashinsky defrauded investors by misrepresenting Celsius as a safe alternative to banks while concealing its risks and investment losses. The judge ruled that the attorney general's claims have merit and that some claims can be pursued under the Martin Act, a state securities law. Mashinsky is also facing criminal fraud charges brought by the U.S. Department of Justice and civil lawsuits from the SEC, CFTC, and FTC. Celsius Network, which offered high interest rates and easy loan access, had a $1.19 billion balance sheet deficit when it filed for bankruptcy in July 2022.

via Reuters|
#alex-mashinsky#celsius-network#cryptocurrency
cryptocurrency2 years ago

Celsius Network Founder Denies Fraud Charges in Court

Alex Mashinsky, the founder of Celsius Network, has pleaded not guilty to fraud charges, including securities fraud, commodities fraud, and wire fraud. Mashinsky is accused of misleading customers and artificially inflating the value of his company's proprietary crypto token. Several federal regulatory agencies have also sued Mashinsky and Celsius in connection with the case. Celsius Network filed for bankruptcy in July 2022 after customers rushed to withdraw deposits as crypto prices fell. The SEC has also sued Mashinsky and Celsius, alleging the sale of unregistered crypto securities and misleading investors about the company's financial state.

via Reuters|
#alex-mashinsky#celsius-network#cryptocurrency