Jake Paul Lil Yachty Lindsay Lohan Miles Parks Maccollum Austin Mahone Pop rap Ne-Yo Akon Soulja Boy and Jake Paul Lil Yachty Lindsay Lohan Miles Parks Maccollum Austin Mahone

Soulja Boy, Lil Yachty, Akon and more charged for “illegal” cryptocurrency promotions

Reading now: 740
www.nme.com

Lil Yachty and Soulja Boy are among celebrities facing charges after being accused of promoting crypto assets, without disclosing that they were paid to do so.The action was taken following an ongoing investigation into crypto company owner, Justin Sun – launched by the Securities And Exchange Commission.

Here, eight celebrities were found to be illegally boosting crypto assets, without disclosing payment.“While we’re neutral about the technologies at issue, we’re anything but neutral when it comes to investor protection,” said director of the SEC’s Division Of Enforcement, Gurbir S.

Grewal. “As alleged in the complaint, Sun and others used an age-old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities.”He continued, explaining how those charged misled fans: “Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation.

This is the very conduct that the federal securities laws were designed to protect against.”The eight celebrities charged include musicians DeAndre Cortez Way (Soulja Boy), Miles Parks McCollum (Lil Yachty), Austin Mahone, Shaffer Smith (Ne-Yo), and Aliaune Thiam (Akon).

Read more on nme.com
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA