Kim Kardashian is hit with $1.26m SEC charge for unlawfully touting crypto currency on Instagram and not disclosing her $250,000 fee
- Kim Kardashian was fined by the SEC for failing to disclose to the public that she was paid $250,000 to promote Ethereum Max in June 2021
- She posted on her Instagram story promoting the crypto tokens and adding the hashtag ‘AD’
- ‘This isn’t financial advice, but sharing what my friends just told me about the Ethereum Max,’ she said
- SEC securities laws state that celebrities must declare when and how much they are paid to promote crypto
- Kardashian has agreed to pay a $1.26million fine and to refuse crypto-promoting jobs for three years
Kim Kardashian has agreed to pay up more than a cool million to settle with the DEC after she failed to disclose a $250,000 payment she received for promoting crypto on her Instagram.
She has also agreed not to tout any more crypto assets for three years and to fully cooperate with ongoing investigations.
In June 2021, Kardashian promoted the cryptocurrency Ethereum Max on her Instagram story.
‘Are you guys into crypto? This is not financial advice but sharing what my friends just told me about the Ethereum Max Token!
‘A few minutes ago Ethereum Max burned 400 Trillion Tokens – literally 50% of their admin wallet giving back to the entire E-Max community.
‘Kardashian added the hashtag #AD, which signaled the post was paid for.
She also included a swipe up link to the crypto’s website. The SEC however complained that she did not reveal she’d been paid $250,000 for the story.
In June 2021, Kardashian promoted the cryptocurrency Ethereum Max on her Instagram story. ‘Are you guys into crypto? This is not financial advice but sharing what my friends just told me about the Ethereum Max Token! ‘A few minutes ago Ethereum Max burned 400 Trillion Tokens – literally 50% of their admin wallet giving back to the entire E-Max community. ‘Kardashian added the hashtag #AD, which signaled the post was paid for
***
Read more at DailyMail.co.uk