Celsius former CEO Mashinsky settles with New York State in up to $35 million deal

On October 9, New York State Attorney General Letitia James reached a settlement with former Celsius CEO Alex Mashinsky. Facing allegations of defrauding investors, Mashinsky faces a conditional settlement of up to $35 million and is permanently barred from the securities, commodities, and cryptocurrency industries. Previously, the US Federal Trade Commission (FTC) and the Commodity Futures Trading Commission (CFTC) had already issued similar industry bans against him.

Currently, Mashinsky is serving a 12-year federal prison sentence; during this time, Celsius creditors have recovered over $3.4 billion in assets through the company's bankruptcy proceedings.