The SEC on Wednesday charged Lindsay Lohan, Jake Paul and other celebrities with failing to disclose that they were paid to promote crypto.
Lindsay Lohan, Jake Paul and several other celebrities with failing to disclose that they were paid to promote crypto.
The celebrities agreed to pay $400,000, including fines, and return what they were paid for the promotion."Exploring #DeFi and already liking $JST, $SUN on $TRX. Super fast and 0 fee. Good job @justinsuntron," Lohan tweeted on February 11, 2021. The SEC said Lohan failed to disclose that the tweet was a paid endorsement.
A spokesperson for Lohan said the celebrity "was contacted in March 2022 and was unaware of the disclosure requirement. She agreed to pay a fine to resolve the matter."Other celebrities that agreed to settle their charges include Michele Mason , Miles Parks McCollum , Shaffer Smith and Aliaune Thiam .
For their violations, Lohan agreed to pay $30,000 in fines in addition to the $10,000 she earned for the promotion. Paul agreed to pay $75,000 in fines on top of the $25,000 he earned.The SEC also announced that it was suing Sun and three of his companies for failing to properly register crypto securities, manipulating markets and failing to disclose paid relationships with the celebrities.
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