US Regulators Charge Celebrities, Including Lindsay Lohan and Jake Paul, for Illegal Crypto Scheme

todayMarch 23, 2023

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US regulators charge eight celebrities, including Lindsay Lohan and Jake Paul, for participating in an illegal cryptocurrency scheme where they allegedly used their social media platforms to promote two crypto tokens without disclosing they were paid to do so. The charges were announced by the US Securities and Exchange Commission (SEC) on Wednesday, and the group is accused of illegally promoting TRX and BTT crypto assets without disclosing compensation. Justin Sun, a crypto investor and diplomat for Grenada, is also accused of fraud for manipulating the trading activity of the two tokens. Lohan and Paul have settled the charges by paying fines without admitting guilt, while the other celebrities, except for Soulja Boy and Mahone, paid a total of over $400,000 to settle the charges. The case highlights the risks that investors face when crypto asset securities are sold without proper disclosure.

Written by: Relaks Radio

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