NFT-funded animated series 'Stoner Cats' starring Ashton Kutcher, Mila Kunis, and more has been fined $1 million by the SEC for selling unregistered crypto assets securities and misleading investors.
' team reportedly boasted about the highlights of owning one of its NFTs, including the option to re-sell it for a higher profit in the future. It also "emphasized its expertise as Hollywood producers, its knowledge of crypto projects, and the well-known actors involved in the web series, leading investors to expect profits because a successful web series could cause the resale value of the Stoner Cats NFTs in the secondary market to rise," according to the release.
Ashton Kutcher and Mila Kunis attend the 94th Annual Academy Awards at Hollywood and Highland on March 27, 2022 in Hollywood, California.The SEC also found that the company had configured the NFTs in a way that provided itself with a 2.5 percent royalty each time that the original NFT was subsequently purchased online, causing purchasers to spend over $20 million over the course of at least 10,000 transactions.
"Without admitting or denying the SEC's findings, SC2 agreed to a cease-and-desist order and to pay a civil penalty of $1 million," the release stated. "The order establishes a Fair Fund to return monies that injured investors paid to purchase the NFTs. SC2 also agreed to destroy all NFTs in its possession or control and publish notice of the order on its website and social media channels.
"Registration of securities, including crypto asset securities, protects investors by providing them with disclosures so they can make informed investing decisions," Carolyn Welshhans, Associate Director of the SEC's Home Office, said in a statement. "wanted all the benefits of offering and selling a security to the public but ignored the legal responsibilities that come with doing so.
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