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According to a New York court, the former Celsius CEO will remain free on $40 million bail through the legal proceedings.
A New York court has set the criminal trial for former Celsius Network CEO Alex Mashinsky to begin on Sept. 17, 2024.
In an Oct. 3 hearing in the United States District Court for the Southern District of New York, Judge John Koeltl said Mashinsky’s criminal trial was scheduled for September 2024, with three pretrial conferences in March, July and September. The former Celsius CEO will remain free on $40 million bail through the legal proceedings, though his travel and certain financial transactions are still largely restricted.
The hearing marked some of the first movements in Mashinsky’s criminal case since his arrest in July. Authorities have alleged the former CEO misled Celsius investors and defrauded users out of billions of dollars. In September, the court froze many of Mashinsky’s assets, including his bank accounts and property.
Roni Cohen-Pavon, Celsius’ former chief revenue officer, pleaded guilty to four criminal charges in September. He will be free on bail until a December sentencing hearing and available to testify in Mashinsky’s trial if required.
Related: What criminal charges for Celsius ex-CEO mean for crypto industry
The first week in October marked the beginning of a few high-profile court cases in and out of the crypto space. Jury selection for former FTX CEO Sam Bankman-Fried’s criminal trial started on Oct. 3, and former U.S. President Donald Trump faces a civil fraud lawsuit related to his business practices.
Celsius Network filed for bankruptcy in July 2022, and Mashinsky stepped down as CEO in September 2022. The U.S. Commodity Futures Trading Commission and Securities and Exchange Commission announced settlements against Celsius in July, but they, along with the Federal Trade Commission, have cases pending against Mashinsky.
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