SEC announces civil charges against eight celebrities, including Jake Paul and Lindsay Lohan, for allegedly illegally promoting cryptocurrency.
Lindsay Lohan and Jake Paul were among the eight celebrities the Securities and Exchange Commission charged Wednesday.The Securities and Exchange Commission announced civil charges Wednesday against eight celebrities, alleging they illegally promoted cryptocurrencies Tronix and/or BitTorrent"without disclosing that they were compensated for doing so and the amount of their compensation."Aliaune Thiam , DeAndre Cortez Way , Austin Mahone, Miles Parks McCollum and Shaffer Smith .
entrepreneur Justin Sun and three of his companies: Tron Foundation Limited, BitTorrent Foundation Ltd. and Rainberry Inc. . The SEC alleges that Sun and his companies offered and sold Tronix and BitTorrent"as investments through multiple unregistered 'bounty programs,' which directed interested parties to promote the tokens on social media, join and recruit others to Tron-affiliated Telegram and Discord channels, and create BitTorrent accounts in exchange for TRX and BTT distributions."
A spokesperson for Paul declined to comment. A spokesperson for Lohan said in an email that"Lindsay was contacted in March 2022 and was unaware of the disclosure requirement," adding,"She agreed to pay a fine to resolve the matter."
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