Celsius

Read

James

<div class="cryptonews"> 
 <p class="is-style-lead">Roni Cohen-Pavon, the former chief revenue officer at Celsius, has pleaded <a rel="dofollow" title="guilty" href="https://thebittimes.com/tag/guilty.html">guilty</a> to four criminal <a rel="dofollow" title="charges" href="https://thebittimes.com/tag/charges.html">charges</a> before a federal court in Manhattan, New York.</p> 
 <p>Cohen-Pavon admitted to manipulating the market price of CEL, the primary cryptocurrency issued by bankruptcy digital asset lender Celsius. </p> 
 <p>The ruling on Sep. 13 was issued by U.S. District Judge John Koeltl, according to Reuters.</p> 
 <p>Following his <a rel="dofollow" title="guilty" href="https://thebittimes.com/tag/guilty.html">guilty</a> plea, Cohen-Pavon’s sentencing was set for Dec. 11, 2024.</p> 
 <p>The former <a rel="dofollow" title="executive" href="https://thebittimes.com/tag/executive.html">executive</a> was indicted in July 2024 while federal prosecutors charged Celsius founder Alex Mashinshky with fraud and conspiracy.&nbsp;</p> 
 <p>Attorneys from the Justice Department alleged that Mashinsky conspired with Cohen-Pavon to artificially inflate CEL’s <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> and mislead investors. Prosecutors also said the ex-Celsius boss defrauded customers and lied about the company’s finances.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> US DOJ freezes Alex Mashinsky’s assets in Celsius case 
 </div> 
 <p>A report from an independent court-appointed examiner found that Celsius, under Mashinsky, operated akin to a ponzi scheme.&nbsp;</p> 
 <p>Records released during the company’s bankruptcy proceeding in 2022 also found that several executives, including the former CEO, withdrew millions from Celsius accounts shortly before the company filed bankruptcy papers.</p> 
 <p>Mashinsky was arrested and later released. </p> 
 <p>A court set his bail at $40 million and the Department of Justice (DoJ) froze several of his assets including corporate assets at banking heavyweight Goldman Sachs.</p> 
 <p>Regulators, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Federal Trade Commission (FTC), have sued Mashinsky, alleging law violations.</p> 
 <p>New York’s Attorney General Letitia James also accused the Celsius founder of breaking state rules. A court ordered Mashinsky to respond to the lawsuit on Aug. 5.</p> 
 <p>Mashinsky has pleaded not guilty or denied the charges against him for his role in Celsius’s collapse. His lawyers asked a court to dismiss the FTC’s case against Mashinsky, claiming that their client was wrongly accused.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Alex Mashinsky seeks to drop FTC’s complaint entirely 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/former-celsius-executive-pleads-guilty-to-price-manipulation-charges-tbt62781.html">https://thebittimes.com/former-celsius-executive-pleads-guilty-to-price-manipulation-charges-tbt62781.html</a></p>

Former Celsius executive pleads guilty to price manipulation charges

TheBitTimes

Other articles published on Sep 14, 2023

MAS Takes Stern Action Against Three Arrows Capital Executives

VET Soars on Coinbase Listing, Will Bullish Momentum Persist?

opBNB Mainnet Launches: BNB Smart Chain's Breakthrough Layer 2 Solution

BTC Mining Embraces More Sustainable Energy Solutions: Crypto Analyst

Alicia Kao, Managing Director of KuCoin: Self-Regulation Will Bring Sustainable Development

Crypto Market Shows Resilience Amid Mixed Economic Indicators

Join our free newsletter for daily crypto updates!