Former Celsius CEO Alex Mashinsky was arrested Thursday on federal securities fraud charges, a source told CNBC as the bankrupt crypto exchange agreed to pay a $4.7 billion settlement with government regulators.
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The exchange was also charged by the SEC and CFTC with scheming to defraud investors out of billions. The $4.7 billion settlement is one of the largest in the FTC’s history, close to the record $5 billion fine levied against Meta in 2019, and highlights what the FTC described as repeated deceptions by Celsius and Mashinsky.
Where does that money go? To the SEC or to pay back the people who got scammed?
