The DOJ has filed a sentencing memorandum against Celsius founder Alex Mashinsky, recommending a 20-year prison sentence for his role in fraud resulting in billions of dollars in customer losses.
The DOJ stated that Mashinsky’s plea showed that his crimes were “not the product of negligence” but the result of “deliberate, calculated decisions to lie.”Alex Mashinsky, the founder and former CEO of the now-defunct cryptocurrency lending platform Celsius, faces a 20-year prison sentence as the US Department of Justice seeks a severe penalty for his role in a multibillion-dollar fraud.
the government’s sentencing memorandum against Mashinsky, recommending a 20-year prison sentence for his fraudulent actions, which led to billions of dollars in losses for Celsius customers. “The Court should sentence Alexander Mashinsky to twenty years’ imprisonment as just punishment for his years-long campaign of lies and self-dealing that left in its wake billions in losses and thousands of victimized customers,” the DOJ stated.In addition to the investor losses, the DOJ noted that Mashinsky has personally profited from the fraudulent schemes in his role., Mashinsky admitted that he was the leader of the criminal activity at Celsius, that his crimes resulted in losses in excess of $550 million, and that he personally benefited more than $48 million, the DOJ said. An excerpt from the government’s sentencing memorandum against Celsius founder Alex Mashinsky. Source: CourtListener The DOJ highlighted that Mashinsky’s guilty plea showed that his crimes were “not the product of negligence, naivete, or bad luck,” but rather the result of “deliberate, calculated decisions to lie, deceive, and steal in pursuit of personal fortune.”The memorandum came days before Mashinsky’s sentencing hearing, which is scheduled for May 8, and will be presided over by US District Judge John Koeltl in the Southern District of New York.While Mashinsky emerged as a key figure in the Celsius fraud, others were involved in the massive cryptocurrency scam, including Shlomi Daniel Leon, who co-founded Celsius with Mashinsky in 2017.
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