The US Securities and Change Fee has filed expenses in opposition to eight celebrities, together with actor Lindsay Lohan and social media influencer Jake Paul, for selling crypto property with out disclosing that they have been paid to take action.
In a press launch Wednesday, the SEC mentioned Lohan and Paul marketed crypto asset securities Tronix (TRX) and BitTorrent (BTT) with out revealing that they have been compensated or how a lot they have been paid. Musicians Soulja Boy, Austin Mahone, Lil Yachty, Ne-Yo, and Akon, in addition to actor Kendra Lust, have been additionally charged.
Soulja Boy and Mahone are the one two of the eight who didn’t comply with pay a collective charge of over $400,000 in disgorgement, curiosity, and penalties to settle the costs, which aren’t an admittance or denial of guilt, the SEC mentioned.
A representive for Lohan informed BuzzFeed Information the actor was contacted in March 2022 and was unaware she was required to reveal she was paid for the promotion. She agreed to pay a high-quality to resolve the difficulty.
The SEC can be charging crypto entrepreneur Justin Solar and his corporations, Tron Basis Restricted, BitTorrent Basis Ltd, and Rainberry Inc. (previously BTT), for the “unregistered provide and sale” of TRX and BTT.
