A US federal court has sentenced Roni Cohen-Pavon, former Chief Revenue Officer of the cryptocurrency lending platform Celsius, on charges of fraud and conspiracy. Judge John Koeltl sentenced the defendant to time served and one year of supervised release, reports Cointelegraph.com reports .
Cohen-Pavon was accused of artificially manipulating the price of the CEL token after the Celsius platform collapsed in 2022. Initially pleading not guilty, the former executive later confessed. During the investigation, he was released on a $500,000 bond.
In the same case, company founder Alex Mashinsky was also found guilty and sentenced to 12 years in prison. Mashinsky was ordered to pay $48 million, while Cohen-Pavon was fined over $1 million and ordered to pay a $40,000 fee.
During the trial, Cohen-Pavon expressed remorse for his actions and promised to fulfill his duties to his family in the future. This ruling marks the conclusion of the major criminal proceedings surrounding Celsius.
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