Alex Mashinsky, the founder and former chief of the now-bankrupt cryptocurrency lender Celsius Network, must face a lawsuit by New York Attorney General Letitia James accusing him of civil fraud, a Manhattan state court judge ruled on Friday.
Mashinsky defrauded investors
The attorney general's lawsuit "supports a reasonable inference that the harm suffered by investors flowed, at least in part, from Mashinsky's alleged misrepresentations made in New York concerning Celsius' overall financial health and investment safety," Chan wrote in a 25-page decision.to criminal fraud charges brought by the U.S. Department of Justice tied to Celsius' demise.
James, in a statement, said the decision "should serve as another reminder to crypto companies that we will use the full extent of the law against those who defraud investors."
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