Kim Kardashian Charged by SEC for Crypto Promo, Agrees to Pay $1.26 Million
Kim Kardashian Charged by SEC for Crypto Promo Agrees to Pay $1.26M
Kim Kardashian failed to tell her followers she was paid to promote a crypto asset -- a mistake that's now cost her $1.26 million and charges from the Securities and Exchange Commission.
The SEC made the announcement Monday ... Kardashian was allegedly paid $250,000 to post about EMAX tokens on Instagram, a crypto asset offered by EthereumMax. Kim's post also included a link to the EthereumMax website where her followers could buy the tokens.
Kim has already paid $1.26 million in penalties, disgorgement and interest to the SEC ... and has cooperated in the SEC's ongoing investigation.
SEC Chair Gary Gensler says, "Ms. Kardashian's case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities."
As for how Kim's fine breaks down ... there's a $1 million penalty and the remaining $260,000 includes about how much she made for posting the promotion.
