DOJ Seeks 20-Year Sentence for Celsius Founder Alex Mashinsky
Prosecutors have requested a 20-year prison sentence for Celsius Network founder Alex Mashinsky, citing his role in a fraudulent scheme that caused billions in losses for investors. The U.S. Justice Department's sentencing memo describes Mashinsky's actions as a "years-long campaign of lies and self-dealing," claiming he misrepresented the handling of customer deposits and fabricated company profitability. Mashinsky has pled guilty to commodities fraud and conspiracy to manipulate CEL token values, resulting in personal profits exceeding $48 million and investor losses of $550 million. Prosecutors argue that his calculated deceit warrants a lengthy sentence, referencing harsher penalties for other fraudsters like Bernie Madoff and Sam Bankman-Fried. They assert Mashinsky has not fully acknowledged his crimes and lacks genuine remorse. His sentencing is scheduled for May 8.
