The post Former Celsius CEO Alex Mashinsky Faces 115-Year Sentence for Alleged Fraud and CEL Token Manipulation appeared on BitcoinEthereumNews.com.

COINOTAG news, September 17, as reported by TheBlock, Alex Mashinsky, ex-CEO of the cryptocurrency platform Celsius, might be facing a sentence reaching up to 115 years. Last Friday, Mashinsky’s defense submitted a memorandum to the New York District Court, which requests that six former Celsius employees be permitted to testify on his behalf in the criminal trial. These witnesses include high-ranking executives such as the former Chief Financial Officer and Chief Revenue Officer of the company. In July 2023, authorities apprehended Mashinsky on charges of defrauding customers and providing misleading statements about Celsius’ financial health. The U.S. Securities and Exchange Commission (SEC) alleged that Celsius and Mashinsky orchestrated fraudulent, unregistered sales of cryptocurrency, raising billions while manipulating the price of CEL, the company’s native token. The legal defense underlined in the memorandum that Mashinsky relied on data provided by his experienced team and had no intention to deceive anyone. According to the government’s position under the sentencing guidelines, Mashinsky could potentially be sentenced to up to 115 years in prison. Source: https://en.coinotag.com/breakingnews/former-celsius-ceo-alex-mashinsky-faces-115-year-sentence-for-alleged-fraud-and-cel-token-manipulation/

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Filed under: News - @ September 17, 2024 1:19 am