Celsius CEO Fraud Trial Will Be Scheduled For September, 2024
Key Points:
In an Oct. 3 hearing in United States District Court for the Southern District of New York, Judge John Koeltl said the Celsius CEO fraud trial was scheduled for September 2024, with three pretrial conferences in March, July, and September.
Lawyers for Alex Mashinsky hinted at their defense strategy, saying they were considering looking at whether a cryptocurrency is a security. The former Celsius CEO will remain free on $40 million bail through the legal proceedings, though his travel and certain financial transactions are still largely restricted.
“The law about what is a security is fluid,” said defense attorney Robert Frenchman.
Mashinsky was charged in July with securities fraud, commodities fraud, wire fraud, and conspiracy to manipulate the value of the Celsius token. His firm collapsed into bankruptcy last year with more than $1 billion in debt.
The hearing marked some of the first movements in Mashinsky’s criminal case since his arrest in July. Authorities have alleged the former CEO misled Celsius investors and defrauded users out of billions of dollars. In September, the court froze many of Mashinsky’s assets, including bank accounts and property.
Moreover, Mashinsky and Celsius are facing legal lawsuits from the Securities and Exchange Commission and the Commodities Futures Trading Commission for manipulating the price of CEL, the firm’s native token, and engaging in fraudulent and unregistered sales of “crypto asset securities.”
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