Roni Cohen-Pavon, the former chief revenue officer at collapsed cryptocurrency lender Celsius Network, is on the hook for $1 million in forfeiture tied to fraud charges he pleaded guilty to in 2023. The forfeiture order, filed ahead of his upcoming sentencing, marks another step in the legal fallout from the company’s dramatic bankruptcy.
The guilty plea and what it means
Cohen-Pavon entered his plea in late 2023, admitting to fraud-related counts. At the time, prosecutors described his role in a scheme that misled Celsius customers about the health of the platform. He was one of several former executives to face criminal charges after the firm imploded in 2022, wiping out billions in customer deposits.
The exact charges haven’t been spelled out in court documents related to the forfeiture, but the $1 million figure is directly linked to the conduct he admitted to. Forfeiture orders typically force defendants to give up assets that were obtained through or used in the crime.
What’s in the forfeiture
The $1 million represents a monetary judgment. It doesn’t specify which assets Cohen-Pavon will surrender, but the court will likely require him to liquidate property, cash, or investments to satisfy the amount. The order was submitted jointly by prosecutors and Cohen-Pavon’s legal team, suggesting an agreement on the sum.
Celsius’s bankruptcy proceedings have already clawed back millions from insiders, but this criminal forfeiture is separate from those civil recoveries.
Sentencing still ahead
No sentencing date has been set. Cohen-Pavon remains free pending that hearing. His cooperation with investigators could influence the length of his prison term. Federal guidelines for fraud convictions can carry decades behind bars, but cooperation often results in reduced sentences.
The case is one of several brought by the U.S. Attorney’s Office for the Southern District of New York against former Celsius executives. Celsius’s founder and former CEO, Alex Mashinsky, was arrested in 2023 and has pleaded not guilty to separate fraud charges. His trial is expected later this year.
For now, Cohen-Pavon’s lawyers are likely focused on negotiating a sentence that accounts for his early admission and assistance. The forfeiture, while significant, may be just one part of the final resolution.
