Founder of Celsius and ex-CEO Alex Mashinsky are confronted with two decades in prison for his role in the Multibillion collapse of the former crypto-credit company.
According to a new court application, the office of the American attorney for the southern district of New York asks a federal judge to condemn Mashinsky to at least 20 years in prison after he had guilty of crimes that led to billions of dollars for Celsius customers.
“In short, this case is comparable to other white-birching crimes filled with sentences on and over 15 years. Given the number of aggravating factors here, the government respectfully recommends a punishment of at least 20 years. Alexander Mashinsky has committed a massive fraud: he has fought catastrophic financial and emotional damage.
He enriched himself as he destroyed lives, and even today refuses to acknowledge what he was doing. For these reasons, the government respectfully argues that the court must impose a substantial prison sentence in an amount of at least 20 years to display the seriousness of the crime, to promote respect for the law, to offer justice and to offer effective deterrence. ”
In December, Mashinsky guilty of one counting of raw material fraud and one counting of securities fraud.
As part of his plea, Mashinsky also agreed to forfeit the $ 48 million in revenues he generated as a result of his arrangement by selling the cell.
Said the doj said in a declaration of December,
“Artificial blow -up of the price of cell allowed Mashinsky to sell his own cell companies for a considerable profit. Mashinsky personally harvested about $ 48 million in proceeds from his sale of cells. At different times Mashinsky Mashinsky made false and misdress of his own sale of his own sales of his own sales of his own sales of his own sales of his own sale of his own salesman’s sale. Including occasionally, to Celsius itself ”
The conviction of Mashinsky is planned for May 8.
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Featured image: Shutterstock/Ex_artist