Kim Kardashian Charged By SEC, Agrees To Pay $1.26M For Unlawfully Promoting Cryptocurrency

The Securities & Exchange Commission has charged Kim Kardashian for “touting connected societal media a crypto plus information offered and sold by EthereumMax without disclosing the outgo she received for the promotion.” Kim is accused of failing to disclose that she was paid $250,000 to beforehand the cryptocurrency asset. She agreed to settee the charges with the SEC and volition wage $1.26 cardinal successful penalties, disgorgement and interest. Kim has besides agreed to cooperate with the SEC’s ongoing probe into this matter.

“Ms. Kardashian is pleased to person resolved this substance with the SEC,” a lawyer for Kim told HollywoodLife. “Kardashian afloat cooperated with the SEC from the precise opening and she remains consenting to bash immoderate she tin to assistance the SEC successful this matter. She wanted to get this substance down her to debar a protracted dispute. The statement she reached with the SEC allows her to bash that truthful that she tin determination guardant with her galore antithetic concern pursuits.”

Kim Kardashian has settled her debts with the SEC. (John Salangsang/Shutterstock)

Kim’s station astir EthereumMax’s EMAX tokens included a nexus to the brand’s website. “This lawsuit is simply a reminder that, erstwhile celebrities oregon influencers endorse concern opportunities, including crypto plus securities, it doesn’t mean that those concern products are close for each investors,” the SEC Chairman said. “We promote investors to see an investment’s imaginable risks and opportunities successful airy of their ain fiscal assets.” The Chairman besides noted that celebrities are required to disclose however overmuch they to disclose however overmuch they are paid erstwhile promoting information assets.

Kim’s $1.26 cardinal outgo is for a $1 cardinal punishment and $260,000 successful disgorgement, equalling the magnitude she was paid for the promotion. She has besides agreed not to beforehand immoderate different crypto information for 3 years, according to the SEC.