Celsius founder Alex Mashinsky arrested and charged with fraud
This follows a New York-based lawsuit and his company going bankrupt.The problems keep mounting for Celsius founder Alex Mashinsky, as he’s been arrested and charged by federal authorities with fraud. Mashinsky faces seven criminal counts, including securities, commodities and wire fraud,He and his company are being independent sued by three government agencies — the FTC, CFTC and SEC. The U.S.
Celsius’s former chief revenue officer, Roni Cohen-Pavon, was also arrested, with both Pavon and Mashinsky being charged with manipulating the price of the company’s proprietary crypto token so they could sell their own stock at inflated prices. “Mashinsky misrepresented, among other things, the safety of Celsius’s yield-generating activities, Celsius’s profitability, the long-term sustainability of Celsius’ high rewards rates and the risks associated with depositing crypto assets with Celsius,'' federal prosecutorsAdditionally, the FTC reached a $4.7 billion settlement today with Celsius, which nearly matches the record fines
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