Alex Mashinsky, former CEO of Celsius, violated CFTC rules Bloomberg.

Failed crypto lender Celsius Network and its former CEO Alex Mashinsky could be named in a case brought by the Commodity Futures Trading Commission (CFTC) as early as this month, according to a report from Bloomberg, citing people familiar with the matter.

The report says that investigators at the CFTC have concluded that the bankrupt lender and its CEO broke the regulators’ rules by misleading investors, the report added. If a majority of the CFTC’s commissioners agree, the agency could file a case against them.

An email to Celsius’ press inbox went unanswered. CFTC did not immediately respond to blockchain’s request for comment.

In January, an independent examiner appointed by U.S. courts determined that at times, Celsius operated in a manner similar to a Ponzi scheme, an opinion shared by Vermont’s financial regulator.

“In every key respect – from how Celsius described its contract with its customers to the risks it took with their crypto assets – how Celsius ran its business differed significantly from what Celsius told its customers,” the U.S. court-appointed examiner wrote.

Edited by Parikshit Mishra.