Letitia James, one of the well-known prosecutors of New York, is the crypto company that turned out to be bankrupt last summer. Celsius launched an investigation against his former boss, Alex Mashinsky.
Attorney General James has announced that the former CEO of Celsius violated the state’s General Code of Executive and Commerce for allegedly defrauding investors. James stated the following in his indictment:
“Defendant Alex Mashinsky created a system to defraud hundreds of thousands of investors between 2018 and 2022.”
Details of the Indictment
The New York Attorney General alleges that officials made false and misleading statements to get customers to invest in Celsius. According to the indictment Mashinsky, Celsius’s “visible face” It promised investors less risk, high returns.
The company adopted a high-risk financial strategy to realize its promises to investors. Celsius’ game plan collapsed as the crypto market began to decline in the early days of 2022.
Based on the expert report, Letitia James found that customers had invested $440 million in Celsius by the end of 2021. Crypto debt platform as the prosecutor mentioned “You can earn money from where you sleep” reached a wide audience.
Celsius founder Alex Mashinsky remains silent.
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