PANews, April 30 - According to The Block, the U.S. Attorney's Office for the Southern District of New York submitted a sentencing memorandum on July 1 (UTC time), recommending a 20-year prison sentence for former Celsius CEO Alex Mashinsky, who is bankrupt. The prosecution accused him of causing billions of dollars in losses for clients through crimes such as commodity fraud and manipulating the price of CEL tokens. Mashinsky pleaded guilty to two criminal charges in December 2023.
The memorandum pointed out that Mashinsky became wealthy through fraudulent activities, while ordinary investors lost their entire savings by believing his false statements. The prosecution particularly emphasized that Mashinsky's 'lack of remorse' indicates he remains a danger, citing the 25-year sentence of former FTX CEO SBF as a reference for sentencing. The 60-year-old Mashinsky is scheduled to be sentenced on May 8 (Beijing time May 9).