BUSINESS BRIEFS Business briefs

Crypto platform founder pleads guilty

NEW YORK - The founder and former CEO of the failed cryptocurrency lending platform Celsius Network has pleaded guilty to federal fraud charges, admitting that he misled customers about the business. Alexander Mashinsky entered the plea Tuesday in Manhattan federal court to commodities and securities fraud. He admitted illegally manipulating the price of Celsius' proprietary crypto token while secretly selling his own tokens at inflated prices. A plea agreement Mashinsky reached with prosecutors calls for him to be sentenced to up to 30 years in prison. Sentencing was scheduled for April 8. Celsius filed for bankruptcy in 2022.

Fed official eyes December rate cut

WASHINGTON - A top Federal Reserve official says he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view. Speaking at George Washington University, Christopher Waller, a key member of the Fed's Board of Governors, said he was confident that inflation is headed lower and that the central bank will likely keep reducing its key rate, which affects many consumer and business loans. But he noted that there's a risk that inflation "may be getting stuck above" the Fed's 2% target, which would support an argument for keeping the Fed's rate unchanged this month.

Study: Nearly 30% of drugstores closed in 2010s

New research shows that nearly three out of 10 U.S. drugstores that were open during the previous decade had closed by 2021. A study published Tuesday in Health Affairs says Black and Latino neighborhoods were most vulnerable to the retail pharmacy closures, which can chip away at already-limited care options in those communities. Many drugstores are continuing to struggle, and the trend has potentially gained momentum since the study timeframe. Since 2021, the major chains Walgreens and CVS have closed hundreds of additional stores, and Rite Aid shrank as it went through a bankruptcy reorganization.

- From wire reports