The Securities and Exchange Commission has charged Akon, Soulja Boy, Lil Yatchy and a gang of other celebrities with illegally promoting crypto currency...
From The Daily Mail
The Securities and Exchange Commission (SEC) today charged eight celebrities including Lindsay Lohan and Jake Paul with 'illegally touting' crypto currencies.
As well as Lohan and Paul, the regulator said rappers Soulja Boy and Lil Yachty, singers Akon, Ne-Yo and Austin Mahone, and pornstar Kendra Lust, promoted the assets without disclosing they were being compensated.
With the exception of Soulja Boy and Mahone, the celebrities agreed to pay a total of more than $400,000 to settle the charges, without admitting or denying the SEC's findings.
The eight were charged alongside Chinese crypto baron Justin Sun who, as well as paying the stars, allegedly artificially inflated the price of the coins they were touting through a fraudulent practice known as 'trade washing.'
The SEC complaint filed in the Manhattan federal court alleges that Sun and his companies offered and sold cryptos through multiple unregistered 'bounty programs,' where the celebrities promoted the coins through social media.
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