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New York state has reached a settlement with former Celsius CEO Alex Mashinsky over investor fraud allegations, The Block reported. The deal includes up to $35 million in conditional restitution and a permanent ban on participating in the securities, commodities, and cryptocurrency industries.
New York Attorney General Letitia James sued Mashinsky in 2023, alleging he misled investors about the platform’s stability and investment strategy while Celsius was taking on risky investments and concealing losses. The state said the conduct harmed hundreds of thousands of investors.
Mashinsky is currently serving a 12-year prison sentence in federal prison and had previously faced sanctions and industry bans from the U.S. FTC and CFTC. Separately, Celsius creditors have recovered more than $3.4 billion so far through the company’s bankruptcy proceedings.