Former Celsius CEO Alex Mashinsky is scheduled to appear in a New York courtroom on November 13 to address his motion to dismiss charges related to fraud and market manipulation. This will be Mashinsky’s first in-person court appearance in months, following his arrest in July 2023 on multiple felony charges.
Motion to Dismiss Fraud Charges
In an October 23 filing by Judge John Koeltl of the United States District Court for the Southern District of New York, Mashinsky and prosecutors were ordered to attend the hearing to “preserve testimony” and discuss the dismissal of charges. Mashinsky’s legal team had previously filed motions in January to dismiss certain charges, including allegations of commodities fraud and market manipulation. Prosecutors accused Mashinsky and former chief revenue officer Roni Cohen-Pavon of manipulating the price of Celsius’ native token, CEL, while misleading investors about the nature of their investments.
Timeline of Court Proceedings
Since his arrest, Mashinsky has faced seven felony charges but has not appeared in court in person since February. A pretrial conference is scheduled for January 16, 2024, with his jury trial set to begin on January 28. Meanwhile, Cohen-Pavon, who was also arrested, has changed his plea to guilty after initially pleading not guilty. His sentencing is scheduled for December 11, 2023.
Despite his legal restrictions, Cohen-Pavon was reportedly granted permission to travel to Singapore for the Token2049 conference in September after initially being confined to travel between New York and Israel.
What’s Next for Mashinsky?
The upcoming November 13 hearing will be crucial in determining the fate of Mashinsky’s motion to dismiss the charges. If the motion is denied, he will continue to face trial in January, where the court will further explore the allegations of market manipulation and fraud connected to Celsius’ operations.
