In a 30-page filing to the Southern District of New York (SDNY), Alex Mashinsky’s attorneys argued the DOJ’s proposed sentence would amount to a “death-in-prison” term for the 59-year-old, citing studies showing incarceration disproportionately shortens older adults’ lifespans. They emphasized his lack of prior convictions, acceptance of responsibility, and cooperation in Celsius’ bankruptcy, which has returned $3.5 billion to creditors to date.

The DOJ has accused Mashinsky of “preying on everyday people” through false claims about Celsius’ financial health, including hiding risks tied to uncollateralized loans and manipulating the price of the platform’s CEL token. Prosecutors cited victim letters describing life-altering losses, though Mashinsky’s team noted some customers acknowledged understanding crypto risks.

Mashinsky’s lawyers rejected comparisons to FTX founder Sam Bankman-Fried (SBF), stressing their client didn’t embezzle funds or face charges like bribery or witness tampering. They also disputed the DOJ’s claim of 600,000 victims, arguing bankruptcy creditors shouldn’t all be classified as fraud victims.

The filing highlighted Mashinsky’s military service, business record, and charitable donations while acknowledging his “profound remorse” for misconduct. It cited his $48 million forfeiture agreement and noted Celsius’ post-bankruptcy payouts now exceed initial customer deposits.

Judge John G. Koeltl will sentence Mashinsky on May 8. His guilty plea to two counts last December leaves him facing up to 20 years, though guidelines suggest less. The defense urged the court to avoid “unwarranted disparity” with similar cases, citing a four-year term for Nikola founder Trevor Milton.

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