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Former Celsius CEO Alex Mashinsky Released on $40 Million Bond

14 July 2023
in Latest News, News
Reading Time: 3 mins read
109 1
Home News Latest News

Former Celsius Network CEO Alex Mashinsky has been released on a $40 million personal recognizance bond after being arrested on fraud charges.

Mashinsky was arrested on July 13, 2023, by the U.S. Department of Justice over seven criminal charges against him, including securities fraud, wire fraud, commodities fraud, and price manipulation. However, Mashinsky pleaded not guilty to the charges laid against him.

A personal recognizance bond allows defendants to be released without posting bail, but they must appear in court for all hearings and proceedings related to their case. Factors such as community ties, criminal history, employment, and family responsibilities are considered when determining the need for such a bond. Failure to appear in court may result in additional charges and the forfeiture of bail or bond money. 

In Mashinsky’s case, his personal recognizance bond will bee signed by his wife before July 14, 2023, and by another undisclosed financially responsible individual before July 21, 2023. Mashinsky’s New York City residence and a bank account are included in the bond terms as a form of security. 

Mashinsky will also surrender his travel documents and is restricted to travelling within New York. He is also forbidden from opening new financial, business, or personal accounts without approval from Pretrial Services.

On the same day as his arrest, the U.S. Securities and Exchange Commission (SEC) also filed a lawsuit against Mashinsky and Celsius. The SEC claimed that Mashinsky and his New Jersey-based company raised billions of dollars by offering unregistered cryptocurrency securities for sale. The regulators also accused them of misleading investors regarding the company’s financial stability.

The case is still in its early stages, and it is unclear how it will ultimately be resolved. However, the charges against Mashinsky are serious, and he could face significant penalties if he is convicted.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: AlexMashinskyCelsiusNetworkSECU.S. DOJ
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