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Lindsay Lohan, Akon and Ne-Yo fined thousands of dollars after illegal crypto promotion | US News


Actress Lindsay Lohan, rapper Akon and singer Ne-Yo have been forced to pay tens of thousands of dollars to settle claims that they advertised crypto investments to their social media followers. without disclosing that they were paid to do so.

The group of celebrities, which includes rapper Lil Yachty, boxer and internet personality Jake Paul and adult film actor Michelle Mason, have agreed to pay more than £325,000 ($400,000) to the Securities and Exchange Commission. United States (SEC).

Celebrities get paid to advertise electronic money Tronix and BitTorrent companies for their millions of followers on social networks.

Akon, artist, president and co-founder of Akoin speaks at Web Summit, in Lisbon, Portugal, November 6, 2019. REUTERS/Pedro Nunese
Image:
Akon

None of the celebrities who have paid the fines acknowledge or deny the SEC’s findings.

Two other celebrities, rapper Soulja Boy and pop singer Austin Mahone, failed to reach an agreement with the SEC.

Spokesperson for Miss Lohanthe person who informed she is pregnant last week, said the actress had been contacted in March 2022 and was unaware at the time of the request to disclose the payment for a promotion and agreed to pay the fine.

She returned the £8,141 ($10,000) she was paid plus interest and a fine of £24,425 ($30,000).

Representatives for other celebrities declined to comment or did not respond to requests for comment.

Major public figures including Matt Damon, Tom Brady, and Reese Witherspoon have used their influence and massive social media followings to promote cryptocurrencies in recent years.

But doing so without disclosing that they are being paid is illegal.

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This has gotten some big names in trouble with US regulators.

Reality TV star Kim Kardashian agreed to pay a fine of £813,635 ($1 million) last year to settle federal charges after she proposed an Ethereum Max token without disclosure. that she was paid to do so.

Actor Steven Seagal has been banned from advertising investments for three years and ordered to pay a £244,102 fine ($300,000) as part of a similar settlement in 2020.

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