Lindsay Lohan, Akon, Soulja Boy charged by SEC with illegally touting cryptocurrency
Lindsay Lohan, Akon, and Soulja Boy are among a group of celebrities and influencers charged by the Securities and Exchange Commission (SEC).
The celebrities allegedly promoted cryptocurrencies like Tronix (TRX) and BitTorrent (BTT) without disclosing the payments they received for doing so.
The SEC announced the charges against Lindsay Lohan, Jake Paul, DeAndre Cortez Way (Soulja Boy), Austin Mahone, Michele Mason (Kendra Lust), Miles Parks McCollum (Lil Yachty), Shaffer Smith (Ne-Yo), and Aliaune Thiam (Akon) on Wednesday.
(Photo by Charles Sykes/Invision/AP, File)
(AP Photo/Chris Pizzello, File)
The SEC also filed charges against Justin Sun, a crypto asset entrepreneur who owns Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. Sun is accused of selling unregistered crypto asset securities, fraudulently manipulating the secondary market for TRX, and paying celebrities like Lohan and Akon to promote TRX and BTT without disclosing their compensation.
The case was filed in the U.S. District Court for the Southern District of New York.
Last year, Kim Kardashian was fined $1.26 million by the SEC for promoting EthereumMax tokens on her Instagram account without disclosing payment. She settled with the SEC but did not admit or deny the allegations.
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