"U.S. District Judge Denise L. Cote signed the stipulated order in the Southern District of New York, resolving the Federal Trade Commission's civil claims against Alex Mashinsky personally. The order carries a $4.72 billion monetary judgment but requires only $10 million in actual payment."
"Mashinsky pleaded guilty in December 2024 to commodities fraud and securities fraud, admitting he misled customers about Celsius's financial health and manipulated the price of CEL, the platform's native token."
"The FTC first filed its complaint against Celsius and three of its executives in July 2023, charging them with deceptive and unfair practices under the FTC Act."
A federal judge issued a $4.72 billion judgment against Alex Mashinsky, founder of Celsius Network, while permanently banning him from the cryptocurrency and financial services sectors. Mashinsky is serving a 12-year prison sentence after pleading guilty to commodities and securities fraud. The FTC's claims against him included misleading customers about the safety of their deposits and engaging in deceptive practices. Although the judgment is substantial, only $10 million is required for actual payment, which can be covered by his criminal forfeiture obligations.
Read at news.bitcoin.com
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