The SEC said they illegally touted those assets without disclosing they were being compensated for it.
with fraud, and accused eight celebrities including actress Lindsay Lohan and rapper Soulja Boy with illegally promoting his crypto assets.
“This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,” SEC Chair Gary Gensler said in a statement. All but Soulja Boy and Mahone agreed to settle, without admitting wrongdoing, and together paid more than $400,000. A lawyer for Kendra Lust declined to comment. Lawyers for the other celebrities did not respond immediately to requests for comment.
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