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6 mentions found


☆ Founder of bankrupt crypto lender Celsius must face NY fraud lawsuit
  + stars: | 2023-08-04 | by ( Jonathan Stempel | Law Firm Clifford Chance Posts Increased Revenue | Stalled Profits | ) www.reuters.com   time to read: +3 min
Alex Mashinsky, founder and former CEO of bankrupt cryptocurrency lender Celsius Network, exits the Manhattan federal court in New York City, U.S., July 25, 2023. REUTERS/Brendan McDermid/File PhotoNEW YORK, Aug 4 (Reuters) - Alex Mashinsky, the founder and former chief of the now-bankrupt cryptocurrency lender Celsius Network, must face a lawsuit by New York Attorney General Letitia James accusing him of civil fraud, a Manhattan state court judge ruled on Friday. Mashinsky has separately pleaded not guilty to criminal fraud charges brought by the U.S. Department of Justice tied to Celsius' demise. Lawyers for Mashinsky in the New York civil case did not immediately respond to requests for comment. The case is New York v. Mashinsky, New York State Supreme Court, New York County, No.
Persons: Alex Mashinsky, Brendan McDermid, Letitia James, Margaret Chan, Chan, James, Martin, general's, Mashinsky's, Mashinsky, Jonathan Stempel, Will Dunham, Cynthia Osterman Organizations: REUTERS, New York, U.S . Department of Justice, U.S . Securities, Exchange Commission, U.S . Commodity Futures Trading Commission, . Federal Trade Commission, Lawyers, Mashinsky, Mashinsky , New York, Court, Thomson Locations: Manhattan, New York City, U.S, New York, Hoboken , New Jersey, Mashinsky , New, Court , New York County
☆ Celsius bankruptcy examiner expected to report on Ponzi allegations
  + stars: | 2023-01-30 | by ( Dietrich Knauth | ) www.reuters.com   time to read: +3 min
Jan 30 (Reuters) - A court-ordered examiner is expected to release a report on Monday addressing whether bankrupt crypto firm Celsius Network operated as a Ponzi scheme, which could add to the pressure on founder Alex Mashinsky, who is already facing fraud allegations. Hoboken, New Jersey-based Celsius filed for Chapter 11 protection from creditors last July in Manhattan after freezing customer withdrawals from its platform. After appointing Pillay to the job, Glenn expanded her role by asking her to address persistent customer complaints about Mashinsky's conduct. Crypto exchange FTX, which went bankrupt in November, has resisted calls for an examiner in its own Chapter 11 case, citing the cost of overlapping investigations. Pillay and her team have sought to be paid $1.86 million for work performed in October and $1.69 million for November, according to court filings.
☆ New York’s financial regulator takes aim at firms co-mingling crypto funds
  + stars: | 2023-01-23 | by ( Hannah Lang | ) www.reuters.com   time to read: +5 min
Concerns about the crossover between the two firms helped fuel a flurry of customer withdrawals in November, forcing the exchange to file for bankruptcy. New York requires firms to undergo examinations making sure they are in-line with state requirements and comply with know-your-customer, anti-money laundering and capital requirements. Most other states do not subject crypto firms to examinations. Crypto firms' compliance with anti-money laundering rules has also been "a big issue," she said, one she expects her office will continue focusing on in 2023. Earlier in the month, NYDFS announced a $100 million settlement with Coinbase Inc (COIN.O) over the firm's compliance with rules to prevent money laundering.
☆ New York sues Celsius Network founder Mashinsky, alleges fraud
  + stars: | 2023-01-05 | by ( ) www.reuters.com   time to read: +2 min
Companies Celsius Network Limited FollowNEW YORK, Jan 5 (Reuters) - New York's attorney general on Thursday sued Celsius Network founder Alex Mashinsky, claiming he schemed to defraud hundreds of thousands of investors by inducing them to deposit billions of dollars with his now-bankrupt cryptocurrency lending platform. "Alex Mashinsky promised to lead investors to financial freedom but led them down a path of financial ruin," James said in a statement. The civil lawsuit accuses Mashinsky of violating the state's Martin Act, which gives James broad power to pursue securities fraud cases, and other laws. It seeks to ban Mashinsky from doing business in New York, and have him pay damages, restitution and disgorgement. But according to the lawsuit, Celsius struggled to pay the promised yields on investor deposits, prompting its move into riskier investments.
☆ New York AG accuses Celsius ex-CEO of defrauding crypto investors
  + stars: | 2023-01-05 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +3 min
New York Attorney General Letitia James sued former Celsius Network CEO Alex Mashinsky on Thursday, alleging that Mashinsky defrauded hundreds of thousands of investors at his now-bankrupt crypto exchange. At one point, deposits at the crypto exchange were valued at $20 billion, according to the complaint. But Mashinsky's statements were false, James alleges, and became part of the former Celsius CEO's efforts to hide deep losses on risky crypto-lending investments. Celsius investors were left bereft and so despondent that some considered suicide, CNBC previously reported. Celsius entered bankruptcy proceedings with only $1.75 billion in crypto assets, a far cry from the $4.7 billion it owed users.
☆ Celsius CEO resigns in the middle of bankruptcy proceedings
  + stars: | 2022-09-27 | by ( Ashley Capoot | ) www.cnbc.com   time to read: +1 min
Alex Mashinsky, founder and chief executive officer of Celcius Network Ltd., during a panel session at the Blockchain Week Summit in Paris, France, April 13, 2022. Celsius Network CEO Alex Mashinsky submitted a letter of resignation Tuesday, months after the crypto company filed for Chapter 11 bankruptcy protection. Mashinsky's resignation is effective immediately, but he said in a release that he will continue to help the company provide creditors with the "best outcome." As of May, Celsius was one of the largest players in the crypto lending space with more than $8 billion in loans to clients and almost $12 billion in assets under management. The firm would lend customers' crypto out to counterparties willing to pay sky-high interest rates to borrow it, and Celsius would then split some of that revenue with users.
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