Kim Kardashian gets a blow to the wrist from Sec
Kim Kardashian gets a blow to the wrist from Sec
- Kardashian received $ 250,000 for the publication of a contribution on its Instagram account via EMAX token, says the Sec
- The celebrity has agreed to a comparison of over $ 1.26 million and cooperated in the investigation of the SEC
The prominent influencer Kim Kardashian agreed with the Securities and Exchange Commission a comparison of $ 1.26 million for its support from EthereMax (EMAX) in June 2021.
Kardashian dismissed her 225 million followers on Instagram the previously unknown Safemoon imitator to reveal that she was paid $ 250,000 for her doctorate.
"The federal securities laws stipulate that every celebrity or other person who promotes crypto value paper must disclose the type, source and amount of the compensation that she received in exchange for advertising," says Gurbir S. Grewal, director of the SEC department of enforcement, said in an explanation.
today @Secgov we have accused Kim Kardashian has advertised.
This case is a memory that if prominent / influencers, including crypto-asset securities, support this, this does not mean that these investment products are suitable for all investors.
- Gary Gensler (@Garygensler) 3. October 2022
The financial service company Morning Consult found that around 54 million US people growing of Kardashians Post knew. Of these, around 10 million stated that they have invested in Ethereummax Advice registered in September 2021.
Within two weeks, the price of the token crashed by 96 %, which led to claims that the token was nothing more than a "pump-and-dump scheme".
an Collection followed In addition to a SEC examination, which is" running ", and Kardashian cooperates according to the statement Commission.
Under the conditions of The settlement agreement Kardashian is for a period of three years, for "crypto-assured" to advertise.
It is instructed to publish the $ 250,000 proceeds from their actions plus interest and pay a civil penalty of $ 1 million to the SEC, which can be distributed to investors at their own discretion or transfer to the US Ministry of Finance.
Gabriel Shapiro, General Counsel at Delphi Digital Labs, said on Twitter [and] an unusual direct reprimand of [sec Chairman] Gensler. " He noticed that Kardashian's original social media contribution was identified as advertising, but was nevertheless violated against the securities laws, since the amount of its remuneration was not announced at that time.
The 41-year-old celebrity is to have a net assets of 1.4 billion US dollar, so that so that Civil penalty corresponds to a fine of $ 90 that is imposed on an average US family.
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The contribution Kim Kardashian Gets Slap on the Wrist from Sec is not a financial advice.
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