Actress Lindsay Lohan, YouTuber Jake Paul, rapper Lil Yachty, and other celebrities have been charged by the Securities and Exchange Commission (SEC) for “illegally touting” cryptocurrencies Tronix and BitTorrent. The SEC claims these individuals advertised the cryptocurrencies “without disclosing that they they were compensated for doing so and the amount of their compensation.”
From The Blaze:
Lohan tweeted in one instance that she was "liking" $TRX and commended the crypto asset entrepreneur behind the cryptocurrencies, Justin Sun, on the job he was doing. According to the SEC, Lohan made this post to her then-8.4 million Twitter followers for a payment of $10,000 from the crypto issuer through an intermediary. Having done so without fully disclosing the receipt of this payment, Lohan allegedly violated Section 17(b) of the Securities Act. ... All of those charged, with the exception of Mahone and Soulja Boy, have agreed to pay a sum over $400,000 to settle the charges, although they have not admitted or denied the charges, the SEC said.
