New York Attorney General Reaches Settlement with Former Celsius CEO, Who Faces Up to $35 million in Damages and Permanent Industry Ban

October 9: New York Attorney General Letitia James announced on Friday that she has secured a conditional settlement of up to $35 million over allegations that former Celsius CEO Alex Mashinsky defrauded investors, and is requiring him to permanently exit the securities, commodities, and cryptocurrency industries.

Previously, the U.S. Federal Trade Commission (FTC) and the Commodity Futures Trading Commission (CFTC) had also imposed industry bans on Mashinsky. Mashinsky is currently serving a 12-year prison sentence. On the other hand, Celsius creditors have received more than $3.4 billion in repayments through the company's bankruptcy proceedings.