The New York Attorney General, Letitia James, stated her office was acting “on behalf of thousands of New Yorkers who were defrauded by Mr. Mashinsky.”
contributed to investor losses by misrepresenting the platform’s financial condition and failing to abide by certain regulatory requirements.
“As the former CEO of Celsius, Alex Mashinsky promised to lead investors to financial freedom but led them down a path of financial ruin,” said James. “The law is clear that making false and unsubstantiated promises and misleading investors is illegal. Today, we are taking action on behalf of thousands of New Yorkers who were defrauded by Mr. Mashinsky to recoup their losses.”for defrauding investors out of billions of dollars.
Alex Mashinsky lied to people about the risks of investing in Celsius, hid its deteriorating financial condition, and failed to register in New York.In addition to Mashinsky allegedly pushing a false narrative through appearances at conferences, on social media, and in interviews, James said Celsius customers did not have the same protection as those at traditional financial institutions due to the platform not being subject to regulatory requirements.
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