KIM Kardashian locked up for promoting crypto Scamm1ng // Kanye West and Bianca Censori will visit

#kimkardashian #kanyewest #biancacensori #kimkardashianwest #kanye
#sec #fed

Kim Kardashian was charged by the Securities and Exchange Commission today for promoting a cryptocurrency asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion. Kardashian agreed to cooperate with the Commission's ongoing investigation, pay $1.26 million in penalties, disgorgement, and interest, and settle the charges.

According to the SEC's order, Kardashian failed to disclose that she was compensated $250,000 for posting an Instagram post about EMAX tokens, EthereumMax's crypto asset security. A link to the EthereumMax website that instructed prospective investors on how to acquire EMAX tokens was included in Kardashian's post.

According to SEC Chair Gary Gensler, "this case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it does not mean that those investment products are suitable for all investors." We urge financial backers to think about a speculation's expected dangers and valuable open doors considering their own monetary objectives."

Chair Gensler continued, "Ms. Kardashian’s case also serves as a reminder to celebrities and other individuals that the law requires them to disclose to the public when and how much they are paid to promote investing in securities."

Gurbir S. Grewal, Director of the SEC's Division of Enforcement, stated, "The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion." Investors have a right to know if a security's publicity is impartial, and Ms. Kardashian did not disclose this information.

The SEC's structure finds that Kardashian abused the counter promoting arrangement of the government protections regulations. Kardashian agreed to pay the aforementioned $1.26 million, which included approximately $260,000 in disgorgement—her promotional payment—prejudgment interest, a $1,000,000 penalty, and the findings of the SEC. Additionally, Kardashian agreed not to promote any securities based on crypto assets for three years.

Jon A. Daniels, Alison R. Levine, and Pamela Sawhney of the Enforcement Division's Crypto Assets and Cyber Unit, as well as Kerri Palen, Lisa Knoop, and Victor Suthammanont of the New York Regional Office, are in charge of the ongoing SEC investigation. Mark R. Sylvester of the Crypto Assets and Cyber Unit and Carolyn Welshhans oversaw the case.

The statement from the SEC urging caution regarding celebrity-backed crypto asset offerings that could be illegal can be found here. SEC Seat Gensler today distributed a video cautioning financial backers not to go with venture choices dependent exclusively upon the proposals of a big name or powerhouse