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

Odaily reports that New York Attorney General Letitia James announced on Friday a settlement regarding Celsius former CEO Alex Mashinsky's alleged fraud against investors, securing up to $35 million in contingent damages and requiring his permanent exclusion from 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. Meanwhile, Celsius creditors have received over $3.4 billion in compensation through the company's bankruptcy proceedings.