A New York court has set the criminal trial of former Celsius Network CEO Alex Mashinsky to begin on September 17, 2024.
At an Oct. 3 hearing in the U.S. District Court for the Southern District of New York, Judge John Koeltl said Mashinsky’s criminal trial was scheduled for September 2024, with three preliminary conferences in March, July and September. The former Celsius CEO will remain free on $40 million bail through legal proceedings, although his travel and some financial transactions remain largely restricted.
The hearing marked some of the first moves in Mashinsky’s criminal case since his arrest in July. Authorities alleged that 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.
Ronnie Cohen-Pavone, Celsius’ former chief revenue officer, pleaded guilty to four criminal charges in September. He will be free on bail until his sentencing hearing in December, and will be available to testify at Mashinsky’s trial if necessary.
Related: What do criminal charges against former Celcium CEO mean for the cryptocurrency industry?
The first week of October saw the start of a few high-profile court cases inside and outside the cryptocurrency space. Jury selection for the criminal trial of former FTX CEO Sam Bankman Fried began on October 3, and former US President Donald Trump is facing a civil fraud suit related to his business practices.
Celsius Network declared bankruptcy in July 2022, and Mashinsky stepped down as CEO in September 2022. The CFTC and SEC announced settlements against Celsius in July, but they, along with the FTC, have pending cases. v. Mashinsky.
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