Kim Kardashian gets fined for unlawful Cryptocurrency promotion by the SEC for over $1 million dollars. John Iadarola and Francesca Fiorentini break it down on The Damage Report.
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Kim Kardashian Has Been Fined Over $1 Million On Charges Related To Her Crypto Promotion On Instagram – https://uproxx.com/viral/kim-kardashian-crypto-charge/
"If Kim Kardashian ever wants to make a sequel to her Kim Kardashian: Hollywood mobile game, Kim Kardashian: Crypto Criminal has a nice ring to it. The model and law school grad has been fined $1.26 million by the SEC for promoting a cryptocurrency asset without disclosing that she had been paid for the promotion. “Kardashian agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing investigation,” the SEC wrote in a statement.
Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax. Kardashian’s post linked to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.
“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,” said SEC Chair Gary Gensler. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.” He added, “Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.”"
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