(C) BoingBoing
This story was originally published by BoingBoing and is unaltered.
. . . . . . . . . .
SEC fines influencers $400k for failing to disclose they were paid in real money to hawk fake currency [1]
['Jason Weisberger']
Date: 2023-03-23
Folks like Lindsay Lohan and Jake Paul were fined for shilling crypto without disclosing they were being paid to shill crypto. The punitive fines are three times the amount the hawkers got paid for their service.
CNN:
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."
Similarly, Paul was paid $25,000 for an endorsement of Tronix, which he tweeted a day after Lohan.
Other celebrities that agreed to settle their charges include Michele Mason (also known as Kendra Lust), Miles Parks McCollum (Lil Yachty), Shaffer Smith (Ne-Yo) and Aliaune Thiam (Akon).
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.
[END]
---
[1] Url:
https://boingboing.net/2023/03/23/sec-fines-influencers-400k-for-failing-to-disclose-they-were-paid-in-real-money-to-hawk-fake-currency.html
Published and (C) by BoingBoing
Content appears here under this condition or license: Creative Commons BY-NC-SA 3.0.
via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/boingboing/
