Lindsay Lohan and seven other celebs were charged as part of an alleged “crypto scam.” The stars were hit with “with Securities and Exchange Commission charges for violating securities laws in touting crypto currencies,” according to Variety.
The celebs were all connected to crypto entrepreneur Justin Sun and three of his companies: Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc.
They were charged for touting crypto on social media and not disclosing that they were compensated. “This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,” said SEC chair Gary Gensler. “As alleged, Sun and his companies not only targeted U.S.
investors in their unregistered offers and sales, generating millions in illegal proceeds at the expense of investors, but they also coordinated wash trading on an unregistered trading platform to create the misleading appearance of active trading in TRX.
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