Here are the eight celebrities who have been charged in the SEC’s latest illegal crypto promotion case …
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00:00Several celebrities have been charged by the Securities and Exchange Commission for illegally promoting cryptocurrency.
00:06Lindsay Lohan, Jake Paul, Lil Yachty, Neo, Soulja Boy, Akon, Austin Mahone, and Kendra Lust were all charged for their involvement with crypto entrepreneur Justin Sun,
00:17the owner of Tron Foundation Ltd., BitTorrent Foundation Ltd., and Rainberry Inc.
00:22According to the SEC, all eight celebrities were charged with illegally touting the cryptocurrency companies without disclosing that they were compensated for doing so and the amount of their compensation.
00:32It is federal law that anybody who endorses a security, such as cryptocurrency, must disclose if they received compensation for their backing of the investment.
00:40Soulja Boy and Austin Mahone were the only two charged that did not agree to pay more than $400,000 to settle charges.
00:47The six who did pay did not have to admit to the findings of the SEC, nor deny them.
00:51In the past, other celebrities like Kim Kardashian, Floyd Mayweather, Paris Hilton, and Ashton Kutcher have also been charged by the SEC for their involvement with crypto promotion.