New York AG secures up to $35 million and lifetime crypto ban from Celsius’ Alex Mashinsky
In this news:
Key takeaways
- New York AG secured up to $35 million from former Celsius CEO Alex Mashinsky.
- Mashinsky faces a permanent ban from the securities, commodities, and crypto industries.
- Mashinsky is currently serving a 12-year federal prison sentence for fraud.
New York Attorney General Letitia James said Friday she secured up to $35 million from former Celsius CEO Alex Mashinsky and a permanent ban preventing him from working in the securities, commodities or cryptocurrency industries.
James sued Mashinsky in 2023 according to a press release, saying he misled hundreds of thousands of investors, including more than 26,000 New Yorkers, about the safety of their Celsius deposits.
Federal prison sentence and previous bans
Mashinsky is serving a 12-year federal prison sentence after pleading guilty to securities and commodities fraud. He was also permanently barred from commodities activity by the Commodity Futures Trading Commission in June.
Under the New York settlement, Mashinsky must pay the state $25 million if he does not forfeit $10 million in ill-gotten gains to the federal government. He must pay a further $10 million if he fails to serve his full prison sentence, according to the attorney general’s office.
Celsius froze customer withdrawals in June 2022 and filed for bankruptcy a month later.
Share the article:
.png)
Latest Crypto News
Top Trending Cryptocurrencies on The Market
Current Price
$0.08348
Market Cap
$13.1B 4.06%
24h Volume
$589.2M
Supplies
156.3B / ∞
Current Price
$1.001
Market Cap
$10.2B 0.03%
24h Volume
$133.7M
Supplies
10.2B / ∞
Current Price
$82.651
Market Cap
$9.8B 2.71%
24h Volume
$100.0M
Supplies
293.4M / 400.0M
Current Price
$12.685
Market Cap
$9.7B 4.32%
24h Volume
$243.4M
Supplies
1.0B / 1.0B
Current Price
$0.2290
Market Cap
$8.6B 3.82%
24h Volume
$283.4M
Supplies
45.0B / 45.0B
Current Price
$9.037
Market Cap
$8.3B 0.20%
24h Volume
$143.1K
Supplies
985.2M / ∞
Current Price
$5.371
Market Cap
$7.0B 10.83%
24h Volume
$1.2B
Supplies
1.3B / ∞