Crypto News – The former chief revenue officer of the defunct cryptocurrency lender Celsius, Roni Cohen-Pavon, has admitted guilt and volunteered to assist with the investigations. Four accusations carrying a maximum sentence of 65 years were admitted by Cohen-Pavon.
Former Celsius CRO Roni Cohen-Pavon Pleads Guilty
According to court documents from September 11, Cohen-Pavon admitted guilt to the following counts:
- Collaborating to manipulate a security’s price
- Taking part in a hoax to influence the price of the CEL token
- Altering the price or volume of the CEL token, as well as encouraging such behavior
- A plot to defraud CEL token investors through wire fraud
Along with accusations against Alex Mashinsky, Celsius’s former CEO, who is also facing wire fraud and market manipulation charges but has not yet entered a plea, comes this admission. Cohen-Pavon consented to help the FBI and U.S. attorney’s office with their investigations and to provide testimony in court if necessary.
Mashinsky Used Client Funds to Manipulate Prices
Mashinsky was released on a $40 million bond, according to the prosecution, despite having made $42 million from his transactions. The allegations were allegedly announced when Cohen-Pavon, an Israeli national, was purportedly away.
A guilty plea and conviction were stated in the court file as having the potential to affect the defendant’s citizenship or immigration documents. It should be underlined that non-citizens who are found guilty run the danger of being forced to leave the country or of suffering other negative immigration repercussions.
Both Mashinsky and Cohen-Pavon were allegedly planning to influence the price of CEL, and it has been claimed that Mashinsky used customer funds to do so. Leaked WhatsApp conversations claim that Celsius artificially raised the price of their stock by spending millions of dollars each week.
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