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New York Attorney General sues Celsius CEO Alex Mashinksy for defrauding investors

Alex Mashinsky sitting onstage, wearing a Madonna microphone and a t-shirt reading "Banks are not your friends." with the Celsius logoAlex Mashinsky (attribution)
As Celsius bankruptcy proceedings continue on, the New York Attorney General has come out with a lawsuit against the company's founder and CEO, Alex Mashinsky. Attorney General Letitia James accuses Mashinsky of "engag[ing] in a scheme to defraud hundreds of thousands of investors", promoting his company as a "safe alternative to banks while concealing that Celsius was actually engaged in risky investment strategies".

The lawsuit seeks to permanently bar Mashinsky from engaging in similar business in the state, and seeks disgorgement, damages, and restitution.

Theme tags: Law