Former Top Celsius Network Executive Pleads Guilty

Reading Time: < 1 minute

Former Celsius Network executive Roni Cohen-Pavon has pled guilty to four criminal counts of fraud and price manipulation, Reuters reports.

The plea is included in an agreement with prosecutors that includes reparation for victims, and Cohen-Pavon has been released on bail ahead of a hearing on December 11.

Charges against the top manager were filed in July, along with seven counts against previous CEO Alex Mashinsky.

According to investigators, Mashinsky and Cohen-Pavon earned more than $43 million through CEL market manipulation. Bloomberg disclosed the July 14 arrest of the former head, noting that he had come to the court wearing casual clothing, without handcuffs, and had not admitted guilt to any of the charges.

Judge Anna Wang ruled for his release on a $40 million bail, secured by reaching his Manhattan residence.

In June, Celsius had suspended withdrawals, exchanges, and transfers between accounts “due to extreme market conditions.”

Follow and like us on