Mashinsky was arrested in July on allegations of misleading investors and manipulating the CEL token, after Celsius declared bankruptcy
following a joint move by the consumer-protection body, the Department of Justice, and securities and commodities regulators .
He has previously pleaded not guilty to multiple counts of fraud and manipulating the price of the CEL token, charges his lawyers have said are “baseless.” Now they say the court should also dismiss FTC claims that he misled investors. “The allegations do not support a claim that Mashinsky made knowingly made a misstatement to fraudulently obtain customer information from a financial institution” as is required under a 1999 law known as the Gramm-Leach-Bliley Act, Mashinsky’s lawyers said in the Monday filing.
Mashinsky, alongside his former Chief Technology Officer Hanoch “Nuke” Goldstein, argued the FTC would need to make more rules before taking on novel cases such as marketing fraud. In a separate filing, Goldstein said he was being unjustly held guilty by association with other Celsius executives, with the FTC depending on the fact that he
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