Celsius Ex-Executive Roni Cohen Pavon Sentenced to Time Served

A former executive of the bankrupt cryptocurrency lender Celsius Network has been sentenced to time served and one year of supervised release for his role in fraud and market manipulation. Roni Cohen Pavon, the company's former chief revenue officer, received the sentence Wednesday in the U.S. District Court for the Southern District of New York from Judge John Koeltl.

Cohen Pavon pleaded guilty in September 2023 to fraud and conspiracy to commit price manipulation involving Celsius's native CEL token. Prosecutors alleged he and other executives artificially inflated the token's price between 2018 and 2022 to attract investors and mislead users about the platform's financial health. The collapse of Celsius in July 2022 froze customer withdrawals and led to billions of dollars in losses, triggering bankruptcy proceedings.

Federal prosecutors credited Cohen Pavon's cooperation with authorities, stating in court filings that his assistance helped advance the criminal case against Celsius founder and former CEO Alex Mashinsky. Prosecutors noted his guilty plea became public shortly after his arrest, a development they believe influenced Mashinsky's later decision to admit guilt....