Celsius Founder Mashinsky Settles FTC Case With $10M Payment

Celsius founder Alexander Mashinsky has reached a settlement with the U.S. Federal Trade Commission (FTC) that includes a $10 million payment and a permanent ban from promoting asset-related products. The agreement, approved by Judge Denise Cote, also enters a $4.72 billion monetary judgment against Mashinsky, though most of this is suspended. The $10 million payment can be satisfied by paying the U.S. Department of Justice under a forfeiture order in his criminal case. This settlement follows Celsius's 2022 collapse and Mashinsky's May sentencing to 12 years in prison for commodities and securities fraud, where he was found to have misled customers about the company's financial health and the safety of their funds. The FTC can revive the larger judgment if Mashinsky fails to disclose assets or misrepresents their value in financial disclosures.

(Source：Cointelegraph)