Eight celebrity stars including Lindsay Lohan and Jake Paul have been charged by the Securities and Exchange Commission (SEC) for taking part in an illegal crypto scheme. They allegedly promoted crypto tokens on their social media platforms. They did not disclose that they were being paid to promote cryptocurrency. The SEC announced the names on Wednesday.
According to the SEC, the eight celebrities who are facing charges are the following:
Actor/reality star Lindsay Lohan
YouTube influencer Jake Paul
Musician Soulja Boy (DeAndre Cortez Way)
Musician Ne-Yo (Shaffer Smith)
Singer Austin Mahone
Senegalese-American singer Aliaune Thiam (Akon)
Rapper Lil Yachty (Miles Parker McCollum) and
Adult film actor Kendra Lust (Michele Mason).
The SEC has said that these eight membered celebrity groups promoted TRX and BTT crypto assets “without disclosing that they were compensated for doing so and the amount of their compensation.”
Six of them have paid over $400,000 in settlements but two in the celebrity group of eight Soulja Boy and Austin Mahone have not settled the charges.
According to reports, Lindsay Lohan, whose documents mention her as a resident of Dubai, UAE paid $10,000 to the regulator as well as $30,000 in penalties. Boxer Jake Paul, who is listed as a resident of Puerto Rico, was asked to pay more than $100,000.
Other celebrity stars who have paid fines to the SEC and penalties without admitting or denying any wrongdoing as a part of the settlement include the following:
NBA Hall of Famer Paul Pierce who settled with the federal regulator paying $1.1 million on penalty and disgorge “approximately $240,000.”
Reality star and entrepreneur Kim Kardashian who paid $1.6 million as fines to the federal regulators.
In December social media influencers were charged by the SEC for using Twitter and Discord to manipulate stocks. This is also referred to as a “pump and dump scheme.”
They included the following
PJ Matlock (Perry Matlock)
DipDeity (Daniel Knight)
MrZackMorris (Edward Constantin)
ohheytommy (Thomas Cooperman)
Mystic Mac or notoriousalerts (Gary Deel)
Hugh Henne (Mitchell Hennessey)
LadeBackk (Stefan Hrvatin) and
The Stock Sniper or Ultra_Calls (John Rybarcyzk).
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