Celsius CEO Fraud Trial Date Set for 2024

Celsius CEO Fraud Trial Date Set for 2024

In an October 3 hearing at the United States District Court for the Southern District of New York, Judge John Koeltl announced that the trial for Celsius CEO Alex Mashinsky’s fraud charges has been scheduled for September 2024. Three pretrial conferences are set to take place in March, July, and September. Mashinsky’s defense attorneys indicated that they are considering exploring whether a cryptocurrency can be classified as a security. The former CEO will remain free on $40 million bail, although his travel and certain financial transactions are still heavily restricted.

Mashinsky was charged in July with securities fraud, commodities fraud, wire fraud, and conspiracy to manipulate the value of the Celsius token. His company, Celsius, filed for bankruptcy last year with over $1 billion in debt. This hearing marks one of the first developments in Mashinsky’s criminal case since his arrest in July. Authorities have accused him of misleading Celsius investors and defrauding users out of billions of dollars. In September, the court froze several of Mashinsky’s assets, including bank accounts and property.

Additionally, Mashinsky and Celsius are facing investigations from the Securities and Exchange Commission and the Commodities Futures Trading Commission for alleged manipulation of the CEL token’s price and engaging in fraudulent and unregistered sales of “crypto asset securities.”

Author: CrimeDoor

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