KIM KARDASHIAN CHARGED WITH $1.26 MILLION FINE
Reality TV star and businesswoman Kim Kardashian has been fined by the United States Securities and Exchange Commission (SEC).
Kardashian agreed to pay the fine of $1.26 million to settle civil charges after she advertised a crypto asset on Instagram.
The 41-year-old failed to disclose that she was paid $250,000 to promote crypto asset EthereumMax. As part of her agreement with the SEC, she will pay the fine and cooperate with their ongoing investigation.
SEC Chair Gary Gensler said that celebrities and influencers should be aware of the dangers of promoting investment opportunities.
“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors.”
“We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”
Kardashian’s attorneys confirmed that she “fully cooperated with the SEC from the very beginning and that she remains willing to do whatever she can to assist the SEC in this matter. The agreement she reached with the SEC allows her to do that so that she can move forward with her many business pursuits.”
Image credit: Showbiz Cheat Sheet