Tears were shed in Langley on Friday, Dec. 13, when directors of the Langley Good Times Cruise-In car show began handing out the cheques to local charities from the $94,000 raised at this year's 25th show. Marilyn Piticco, founder of which runs weekly programs for local stroke survivors, said the Cruise-In has become a constant source of funding. "It lifts me up. It makes it so that I can do my work, that I have a team behind me plus my volunteers," she told The Star. Piticco runs two Hope After Stroke groups out of the Walnut Grove Community Centre, and has received more than $100,000 in donations from the charity car show in the last 10-plus years. And that's the name of the game. Cruise-In has always been about providing a spectacular car show that raises money for community causes. Thanks to sponsors, 100 per cent of the money raised goes to charity. "This journey is personal for me. It started because my dad couldn't speak, his bench is out front [of the community centre]. It was a personal thing of saying 'this is needed in our community,'" she shared. Piticco connected with Cruise-In and became one of its charities, quickly moving to be a returning one. "I feel very honoured," she said, adding that people interested in donating, volunteering, or joining the group can reach her at 604-882-4672. Marty Brown, president of the 2024 Cruise-In, said Hope After Stroke is a great group to support. "Marilyn is amazing, it's really good [what they do," he said. When he first saw the total amount raised this year, Brown said it surprised him but he immediately thought of the team behind the car show. "I just thought how we really pulled together, all the hard work we did, and our relationships with our sponsors, vendors, and the people that work with us were really strong this year. So, I felt like it was an appropriate number and I'm extremely proud of it." More than 1,200 vehicles were on display at the Langley Good Times Cruise-In charity car show in Aldergrove on Sept. 7. Crowds of almost 100,000 spectators strolled along Fraser Highway between 264 and 272 Streets for the show, which was closed for the event. Many of the 125 volunteers showed up as early as 4 a.m. to set up Fraser Highway for the event and guide registered car owners into their spots on the road. “Our car owners brought out their finest rides, our sponsors helped immensely this year, and the Township of Langley was right behind us all the best,” Brown told The Star. “It really takes an army of people and none of the show would happen without all the amazing volunteers, including the Cruise-In board, captains, and show day helpers. The power of people is amazing.” Among the recipients are five main charities of choice: Piticco’s Langley Community Support Group, Valley Therapeutic Equestrian Association, Langley Memorial Hospital Auxiliary, the Boys & Girls Club of Langley, Rotary Starfish Program, Aldergrove Veterans & Seniors Society, Parkside Elementary, Langley Meals on Wheels, Langley BMX Club, Bikers Against Child Abuse, Valley Therapeutic Riding Association, and Langley Food Bank. Ricardo Sestito, returning as president for 2025, said the board is already meeting to plan the next car show and they are seeking volunteers. Those interested can contact Heather Lehman at lehmanns@telus.net or 604-866-3977.
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Greetings CIPAWorld! Let’s talk Civ Pro. Class is in session and today’s lesson comes courtesy of the United States District Court for the Southern District of California. Picture this: DesignTechnica Corporation (“DTC”) gets slapped with 36 separate arbitration claims under the California Invasion of Privacy Act (“CIPA”). See Designtechnica Corp. v. Swigart L. Grp. , APC, No. 24-CV-1054 W (AHG), 2024 U.S. Dist. LEXIS 222498 (S.D. Cal. Dec. 9, 2024). Thinking fast, they decided that federal court was their escape hatch. But spoiler alert—their jurisdictional math didn’t add up, and the case flunked Civil Procedure 101 . Ouch. This lawsuit involved DTC, the operator behind DigitalTrends.com and TheManual.com . At first glance, DTC’s strategy seemed airtight. DTC had clearly diverse parties (Oregon vs. California) and faced serious money in arbitration fees and statutory penalties. When they added it all up—$70,000 in filing fees plus $180,000 in potential damages. That’s over $250,000! Indeed that clears the federal jurisdiction bar of $75,000? Right? Well, not so fast. Judge Whelan’s analysis shows why first-year civil procedure still matters. As such, the Court broke down the jurisdictional requirements step by step: First, in Kokkonen v. Guardian Life Ins. Co. , 511 U.S. 375, 377 (1994) , the Court stressed that federal courts start with a presumption against jurisdiction. The burden was squarely on DTC to prove they belonged in federal court. Next came the key teaching moment. Take note. Under Exxon Mobil Corp. v. Allapattah Servs., Inc. , 545 U.S. 546, 559 (2005) , you need at least one claim that independently hits the $75,000 mark . You can’t just add up a bunch of smaller claims against different defendants unless they’re jointly and severally liable—which DTC never alleged. The distinction between aggregated and individual claims was the court’s main focus. Aggregation can only occur in limited circumstances, like when a plaintiff faces joint liability for the same harm across multiple defendants. However, DTC’s arbitration claims were standalone cases, each with its own penalties and fees. The $75,000 threshold had to be met separately for each claim without joint liability—and none came close. When the court ran the actual numbers, DTC’s case fell apart. Each individual claim only amounted to about $7,000 in potential fees and penalties. Game over. Adding to the blow, DTC failed to provide alternative theories for meeting the threshold. Their Complaint relied on conclusory assertions, a mistake the Court flagged as insufficient under precedents like Calleros v. Rural Metro of San Diego , No. 3:17-cv-00686-CAB-BLM, 2017 WL 9854429, at *1 (S.D. Cal. Apr. 6, 2017) . Simply stating you meet jurisdictional requirements doesn’t make it true—you need evidence. The Court’s math lesson exposes the flaw in DTC’s strategy. They tried to treat 36 separate $7,000 claims as one big $250,000 case. But that’s not how diversity jurisdiction works. Without joint and several liability, each claim stands alone. Reality check, anyone? Federal court isn’t always the golden ticket for avoiding arbitration or unfavorable state forums. The kicker? DTC didn’t even try to argue they met the threshold another way. They just stated in their Complaint that they cleared the bar. As Judge Whelan reminded us, you can’t establish jurisdiction with “threadbare recitals.” Creative arithmetic won’t save you from basic civil procedure. As always, Keep it legal, keep it smart, and stay ahead of the game. Talk soon!
Connor Gaydos, a man connected to an apparent parody project to relaunch the energy company Enron and become its new CEO , was hit in the face with a pie this week as he was entering a building in New York City. The incident was caught on video and went viral on social media Thursday. The clip shows Gaydos exiting an SUV shortly before an older man slams the pie into his face as two bodyguards intervene. The bizarre incident mirrored one from more than two decades earlier, when a California woman tossed a pie into the face of Enron’s then-CEO Jeffrey Schilling . Earlier this month, a group announced the scandal-plagued Texas company was returning exactly 23 years after filing for bankruptcy amid massive fraud. “With a bold new vision, Enron will leverage cutting-edge technology, human ingenuity, and the spirit of adaptation to address the critical challenges of energy, sustainability, accessibility and affordability,” the company said in a press release that raised questions about its legitimacy. The announcement was reportedly joined by billboards in the Houston area, a full-page ad in the Houston Chronicle and a video promoting the company’s comeback. An investigation conducted by Houston station KHOU turned up a disclaimer on the company’s website that read, “The information on the website is First Amendment-protected parody , represents performance art and is for entertainment purposes only.” Many have speculated the company’s reemergence is merely a publicity stunt promoting cryptocurrency .Unwrap the latest AI features with Amazon Fire TabletsCheers and beers for Ruud van Nistelrooy as Leicester reign starts with win
AP Sports SummaryBrief at 4:55 p.m. ESTNEW YORK (AP) — U.S. stocks drifted to a mixed close, as gains for tech stocks nudged the S&P 500 and the Nasdaq to more records. The S&P 500 eked out a gain of under 0.1% Tuesday, while the Nasdaq composite rose 0.4%. The Dow Jones Industrial Average fell 0.2%. Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. The value of the South Korean won sank against the dollar after its president declared martial law and then later said he’ll lift it. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stocks are drifting around their records on Tuesday as Wall Street's white-hot rally lets off the accelerator. The S&P 500 was virtually flat in afternoon trading, a day after rising tech stocks helped it set an all-time high for the 54th time this year. It's climbed in nine of the last 10 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average was down by 56 points, or 0.1%, with 45 minutes remaining in trading, while the Nasdaq composite added 0.2% to its own record set a day earlier. AT&T rose 3.9% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 7.9%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla s sank 2.1% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could keep avoiding a recession that many investors had earlier thought was inevitable. The yield on the 10-year Treasury rose to 4.22 from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump's preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group. Lower rates can help give the economy more juice, but they can also give inflation more fuel. The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October. Based on trading in the options market, Friday's jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital. Since his victory, Trump has broadcasted his plans for tariffs , including for goods coming from China . Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications. The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China. In financial markets abroad, the value of South Korea's currency fell 0.9% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he'd lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.3% drop for SK Telecom. Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs on China and other countries. Indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy. In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris , where the government is battling over the budget. AP Business Writers Yuri Kageyama and Matt Ott contributed.
Taylor Swift has made a surprise stop at a Kansas City children’s hospital, shocking parents and patients alike as she laughed with them, posed for photos and exchanged gifts. All parent Cassie Thomas was told beforehand was that she might want to brush her hair and teeth because there was going to be a special visitor. But she was stunned when Swift, fresh off her Eras Tour and one day before her 35th birthday, walked into her son's room on Thursday at Children’s Mercy Hospital in Kansas City. “No rumors. Like, we literally had absolutely no idea this was happening,” Thomas recalled. Her 13-year-old son, Beckett Thomas, is a cancer patient and a fan of Swift's Kansas City Chiefs tight-end boyfriend, Travis Kelce. Beckett uses a 3D printer to make earrings bearing his and Chiefs quarterback Patrick Mahomes' names, walking around the hospital unit selling them to nurses. Now, Swift has a pair as well. “She was amazing,” Beckett's mom said. “So down to earth.” Another patient told Swift that her favorite song was “Love Story" and they later discussed the song “Paper Rings,” in which Swift sings, “I'd marry you with paper rings.” When their conversation veered to discussion of San Francisco quarterback Brock Purdy, whose team played the Chiefs in the Super Bowl earlier this year, Swift expressed surprise. “Brock Purdy, What? I mean, I don’t mind Brock Purdy.” Swift said, then continued: “He put me through a lot last February.” Asked before the Super Bowl whether he was prepared to disappoint Swift, Purdy responded: “Yes.” The game ended with Mahomes rallying the Chiefs to their second straight Super Bowl title, 25-22 over the 49ers in overtime. “I was very stressed for a second but it all ended up fine,” Swift told the girl, their recorded conversation posted online. The girl then chimed in: “I like Travis now.” Swift responded with: “Me too. That’s an absolute yes on that one." There is no word on whether Swift will be in the stands when the Chiefs play the Browns on Sunday in Kelce’s hometown of Cleveland.Fryeburg Academy’s Ty Boone dances down the sideline after making a catch in the second quarter of the Class C title game Saturday. Daryn Slover/Sun Journal Ty Boone, Fryeburg: Ran for two first-quarter touchdowns and racked up 69 yards rushing on nine carries in the Raiders’ Class C state championship victory. Dom Buxton, Wells: Rushed for 144 yards on 20 carries and scored a touchdown for the Warriors in their Class D state final win . Also intercepted a pass on defense. Gio Guerrette, Falmouth : His 80-yard touchdown run highlighted his four-carry, 116-yard and four-catch, 55-yard performance in the Class B championship . Joey Guerrette, Falmouth: Gained 104 yards on 14 carries in the Navigators’ Class B final triumph over Kennebunk. Alex Martin, Portland: Sophomore made several tackles for loss and was an all-around disruptor on defense as the Bulldogs kept Thornton’s offense contained in the Class A title game . Eli Potter, Wells: Racked up 185 yards rushing and scored two touchdowns on 29 carries and had an interception in the Warriors’ shutout win over Foxcroft in the Class D final. Daniel Ruiz, Fryeburg: Carried the ball nine times for 86 yards and intercepted a pass to help the Raiders blank Hermon in the Class C title game . Malik Sow, Fryeburg: Finished with 82 yards on 13 carries and scored a touchdown as the Raiders won their first state championship in 59 years. Louis Thurston, Portland: Ran for two touchdowns and threw for two more, finishing with 119 yards on 13 carries and 9-of-14 passing for 126 yards, as the Bulldogs took down Thornton in the Class A title game. Tres Walker, Falmouth: Completed 12 of 15 passes for 167 yards and a touchdown, orchestrating the Navigators’ offense to a Class B title game win over Kennebunk. We invite you to add your comments. We encourage a thoughtful exchange of ideas and information on this website. By joining the conversation, you are agreeing to our commenting policy and terms of use . More information is found on our FAQs . You can modify your screen name here . Comments are managed by our staff during regular business hours Monday through Friday as well as limited hours on Saturday and Sunday. Comments held for moderation outside of those hours may take longer to approve. Please sign into your Press Herald account to participate in conversations below. If you do not have an account, you can register or subscribe . Questions? Please see our FAQs . Your commenting screen name has been updated. Send questions/comments to the editors. « Previous Next »
MINNEAPOLIS (AP) — A Connecticut couple has been charged in Minnesota with being part of a shoplifting ring suspected of stealing around $1 million in goods across the country from the upscale athletic wear retailer Lululemon. Jadion Anthony Richards, 44, and Akwele Nickeisha Lawes-Richards, 45, both of Danbury, Connecticut, were charged this month with one felony count of organized retail theft. Both went free last week after posting bail bonds of $100,000 for him and $30,000 for her, court records show. They're due back in Ramsey County District Court in St. Paul on Dec. 16. According to the criminal complaints, a Lululemon investigator had been tracking the pair even before police first confronted them on Nov. 14 at a store in suburban Roseville. The investigator told police the couple were responsible for hundreds of thousands of dollars in losses across the country, the complaints said. They would steal items and make fraudulent returns, it said. Police found suitcases containing more than $50,000 worth of Lululemon clothing when they searched the couple's hotel room in Bloomington, the complaint said. According to the investigator, they were also suspected in thefts from Lululemon stores in Colorado, Utah, New York and Connecticut, the complaint said. Within Minnesota, they were also accused of thefts at stores in Minneapolis and the suburbs of Woodbury, Edina and Minnetonka. The investigator said the two were part of a group that would usually travel to a city and hit Lululemon stores there for two days, return to the East Coast to exchange the items without receipts for new items, take back the new items with the return receipts for credit card refunds, then head back out to commit more thefts, the complaint said. In at least some of the thefts, it said, Richards would enter the store first and buy one or two cheap items. He'd then return to the sales floor where, with help from Lawes-Richards, they would remove a security sensor from another item and put it on one of the items he had just purchased. Lawes-Richards and another woman would then conceal leggings under their clothing. They would then leave together. When the security sensors at the door went off, he would offer staff the bag with the items he had bought, while the women would keep walking out, fooling the staff into thinking it was his sensor that had set off the alarm, the complaint said. Richards' attorney declined comment. Lawes-Richards' public defender did not immediately return a call seeking comment Monday. “This outcome continues to underscore our ongoing collaboration with law enforcement and our investments in advanced technology, team training and investigative capabilities to combat retail crime and hold offenders accountable,” Tristen Shields, Lululemon's vice president of asset protection, said in a statement. "We remain dedicated to continuing these efforts to address and prevent this industrywide issue.” The two are being prosecuted under a state law enacted last year that seeks to crack down on organized retail theft. One of its chief authors, Sen. Ron Latz, of St. Louis Park, said 34 states already had organized retail crime laws on their books. “I am glad to see it is working as intended to bring down criminal operations," Latz said in a statement. "This type of theft harms retailers in myriad ways, including lost economic activity, job loss, and threats to worker safety when crime goes unaddressed. It also harms consumers through rising costs and compromised products being resold online.” Two Minnesota women were also charged under the new law in August. They were accused of targeting a Lululemon store in Minneapolis.
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Steamer’s Grillhouse, a Los Gatos classic, is closing after 45 years"The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn't! Daylight Saving Time (DST) is inconvenient, and very costly to our Nation," Trump posted on his website, Truth Social. DST was adopted by the federal government during World War I but was unpopular with farmers rushing to get produce to morning markets, and was quickly abolished. Many states experimented with their own versions but it wasn't reintroduced nationwide until 1967. The Democratic-controlled US Senate advanced a bill in 2022 that, like Trump's plan, would bring an end to the twice-yearly changing of clocks, in favor of a "new, permanent standard time." But The Sunshine Protection Act called for the opposite switch -- moving permanently to DST rather than eliminating it -- to usher in brighter evenings, and fewer journeys home in the dark for school children and office workers. The bill never made it to President Joe Biden's desk, as it was not taken up in the Republican-led House. It had been introduced in 2021 by a Republican, Florida Senator Marco Rubio, who is about to join the incoming Trump administration as secretary of state. He said studies had shown a permanent DST could benefit the economy. Either way, changing to one permanent time would put an end to Americans pushing their clocks forward in the spring, then setting them back an hour in the fall. Colloquially the practice is referred to as "springing" forward and "falling" back. The clamor has increased in recent years to make DST permanent especially among politicians and lobbyists from the Northeast, where frigid conditions are normal in the early winter mornings. "It's really straightforward. Cutting back on the sun during the fall and winter is a drain on the American people and does little to nothing to help them," Rubio said in a statement ahead of the vote. "It's time we retire this tired tradition." Rubio said the United States sees an increase in heart attacks and road accidents in the week that follows the changing of the clocks. Any changes would be unlikely to affect Hawaii and most of Arizona, the Navajo Nation, American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the US Virgin Islands, which do not spring forward in summer. ft/nroChad Chronister, Donald Trump’s pick to run the DEA, withdraws name from considerationGeode Capital Management LLC Acquires 322 Shares of Hovnanian Enterprises, Inc. (NYSE:HOV)
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ARC Group Worldwide (OTCMKTS:ARCW) Share Price Passes Below Fifty Day Moving Average – Here’s What HappenedSocks Printer Compare:How to choose the right sock printer? 11-22-2024 11:22 PM CET | Industry, Real Estate & Construction Press release from: ABNewswire SOCKS PRINTER COMPARE:How to choose the right sock printer? Socks printers are very unique in personalized socks. Colorido is a manufacturer specializing in sock printers. In order to meet market demand, the company has produced 4 sock printers, and the usage scenarios of each device are different. The following article mainly explains in detail the difference between each sock printer, and if you are a customer who needs to buy a sock printer, how to choose which device is more suitable for you. Image: https://www.coloridoprinting.com/uploads/socks-printer31.jpg1 . Single-arm multi-function sock printer (CO80-500PRO) The CO80-500PRO socks printer uses "4-8" inks and a single roller rotates to print. It can support the use of 72~500mm rollers. Not only can it print socks, but also ice sleeves, yoga clothes, underwear, neck collars and other tubular products. This sock printer is equipped with two Epson I1600 print heads, which is suitable for users who are just starting out. Advantages: (1) Simple operation, easy to use (2) Cheap equipment, low cost (3) Versatile printing, can print a variety of products (4) Can print a variety of materials (cotton, polyester, nylon, bamboo fiber), etc. Disadvantages: (1) Slow printing speed, low efficiency (2) Can only print one by one, no extra rollers to replace See More [ https://www.coloridoprinting.com/socks-printing-machine-co-80-500pro.html]Image: https://www.coloridoprinting.com/uploads/co80-500pro-socks-printer.jpg2 . Roller up and down sock printer (CO80-1200PRO)Image: https://www.coloridoprinting.com/uploads/co80-1200pro-socks-printer.jpg The CO80-1200pro socks printer uses a roller up and down printing method. The printing speed of the sock printer is 45-50 pairs/hour. This sock printer is suitable for users who make personalized customized prints. Advantages: (1) Three rollers up and down, high efficiency when used together. (2) Printing one pair at a time is suitable for making POD products (3) High printing accuracy and wide color gamut (4) Can print a variety of materials (cotton, polyester, nylon, bamboo fiber, etc.) Disadvantages: (1) Requires cumbersome upper and lower rollers (2) Uses air inflation to support the roller, and requires an additional air pump See More [ https://www.coloridoprinting.com/socks-printing-machineco-80-1200pro.html ] 3. Four-tube rotating sock printer (CO80-210PRO) CO80-210PRO socks printer uses a four-tube rotating printing method. The four tubes rotate 360 degrees and print one pair at a time. This sock printer is suitable for mass production. The printing speed is fast and an average of 60-80 pairs of socks can be printed per hour. (1) Fast printing speed and high output (2) Say goodbye to the traditional method of upper and lower rollers (3) Suitable for large-scale production (4) Can print a variety of materials (cotton, polyester, nylon, bamboo fiber, etc.) (5) No need to use an air pump See More [ https://www.coloridoprinting.com/socks-printing-machine-co-80-210pro.html]Image: https://www.coloridoprinting.com/uploads/custom-socks26.jpg4 . Four-tube rotary yoga clothing printer (CO80-450PRO)Image: https://www.coloridoprinting.com/uploads/socks-printer-450pro.jpg CO80-450PRO is specially designed for large-diameter products such as yoga clothing and scarves. Image: https://www.coloridoprinting.com/uploads/parameter.jpgSee More [ https://www.coloridoprinting.com/socks-printing-machine-co-80-210pro.html ] The above is an introduction to COlorido's four sock printers. You can choose the printing device that suits you according to your needs. Media Contact Company Name: Ningbo Haishu Colorido Digital Technology Co., Ltd. Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=socks-printer-comparehow-to-choose-the-right-sock-printer ] Phone: +86 13967852601 Country: China Website: https://www.coloridoprinting.com/ This release was published on openPR.
Taylor Swift makes surprise visit to Kansas City children's hospitalBy LARRY NEUMEISTER NEW YORK (AP) — The founder and former CEO of the failed cryptocurrency lending platform Celsius Network could face decades in prison after pleading guilty Tuesday to federal fraud charges, admitting that he misled customers about the business. Alexander Mashinsky , 58, of Manhattan, entered the plea in New York federal court to commodities and securities fraud. He admitted illegally manipulating the price of Celsius’s proprietary crypto token while secretly selling his own tokens at inflated prices to pocket about $48 million before Celsius collapsed into bankruptcy in 2022. In court, he admitted that in 2021 he publicly suggested there was regulatory consent for the company’s moves because he knew that customers “would find false comfort” with that. And he said that in 2019, he was selling the crypto tokens even though he told the public that he was not. He said he knew customers would draw false comfort from that too. “I accept full responsibility for my actions,” Mashinsky said of crimes that stretched from 2018 to 2022 as the company pitched itself to customers as a modern-day bank where they could safely deposit crypto assets and earn interest. U.S. Attorney Damian Williams said in a release that Mashinsky “orchestrated one of the biggest frauds in the crypto industry” as his company’s assets purportedly grew to about $25 billion at its peak, making it one of the largest crypto platforms in the world. He said Mashinsky used catchy slogans like “Unbank Yourself” to entice prospective customers with a pledge that their money would be as safe in crypto accounts as money would be in a bank. Meanwhile, prosecutors said, Mashinsky and co-conspirators used customer deposits to fund market purchases of the Celsius token to prop up its value. Machinsky made tens of millions of dollars selling his own CEL tokens at artificially high prices, leaving his customers “holding the bag when the company went bankrupt,” Williams said. Related Articles National News | Judge weighs whether to order Fani Willis to comply with lawmakers’ subpoenas over Trump case National News | Are you a former SmileDirectClub customer? You might be eligible for a refund National News | Justice Department announces sweeping reforms to curb suicides in federal prisons and jails National News | Defense makes closing argument in murder trial of Cash App founder Bob Lee National News | Homeownership is getting unaffordable for the middle class An indictment alleged that Mashinsky promoted Celsius through media interviews, his social media accounts and Celsius’ website, along with a weekly “Ask Mashinsky Anything” session broadcast that was posted to Celsius’ website and a YouTube channel. Celsius employees from multiple departments who noticed false and misleading statements in the sessions warned Mashinsky, but they were ignored, the indictment said. A plea agreement Mashinsky made with prosecutors calls for him to be sentenced to up to 30 years in prison and to forfeit over $48 million, which is the amount of money he allegedly made by selling his company’s token. Sentencing was scheduled for April 8.
Founder of failed crypto lending platform Celsius Network pleads guilty to fraud charges
