Kim K pays $1.26 million to settle SEC charges for crypto promo

[Teletubby 138,788]

The Securities and Exchange Commission announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received 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.

Kim 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 contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.

The SEC’s order finds that Kardashian violated the anti-touting provision of the federal securities laws.
Kardashian agreed to pay the aforementioned $1.26 million, including approximately $260,000 in disgorgement, which represents her promotional payment, plus prejudgment interest, and a $1,000,000 penalty.

Kardashian also agreed to not promote any crypto asset securities for three years.
sec.gov

Kardashian has already felt regulatory heat over her EthereumMax promo, which she posted on Instagram in June of last year. 
Investors sued her earlier this year over their promos for EthereumMax, accusing her of artificially inflating the value of the asset.
source

[TEANUS 13,042]

Well we already knew the government hates crypto, their lack of control and predictability bothers the f*ck out of them. She literally put that it’s an ad and “this is not financial advice”, what’s more bizarre is that people still let celebrities impact their life decisions, let alone their financial decisions 

[weed 71,628]

is it specifically with crypto you have to say how much you were paid? I never see influencers/celebs talk about money they got to promote something lol unless someone else leaked how much

[RahrahWitch 6,977]

It was kind of funny seeing all these celebs trying to promote crypto and nfts that didn't have a clue what they were being paid to shill. Feel bad for the fans that fell for it though.

[Teletubby 138,788]

10 minutes ago, weed said:

is it specifically with crypto you have to say how much you were paid? I never see influencers/celebs talk about money they got to promote something lol unless someone else leaked how much

"the law requires celebrities and others to disclose to the public when and how much they are paid to promote investing in securities"

[Railing 2,406]

She literally wrote #ad  The law that people have to list the exact amount of money they gained from this type of sponsorship is impractical and weird

[nATAH 44,191]

how can anybody stand to follow any sort of influencer who's sole purpose is to constantly sell you garbage under the disguise of "my friends told me and it changed my life!!"

[Guillaume Hamon 6,040]

1 minute ago, NATAH said:

how can anybody stand to follow any sort of influencer who's sole purpose is to constantly sell you garbage under the disguise of "my friends told me and it changed my life!!"

Some people are lonely and end up thinking they're like their friends so they have affection for these folks who... Just want to sell them a thing or two.

[River 107,468]

1 hour ago, Teletubby said:

Kardashian also agreed to not promote any crypto asset securities for three years.

The best news in this article.

[Eido 3,648]

It reminds me of an episode of Evil 

[phantasmas 10,098]

isn’t this like her 5th time getting in trouble for something like this lol

but i guess its NBD when u have plenty of money to cover ur butt when u do get in trouble