Crypto entrepreneur Justin Sun and his companies were also charged for fraud and other security law violations. FOX13
As cryptocurrencies and related technologies reach into politics, intertwine with the larger economy and impact the environment, everyone could use a sense of what they are and how they work.The Securities and Exchange Commission announced charges Thursday against several celebrities they say were illegally touting
With the exception of Cortez Way and Mahone, the celebrities charged agreed to pay a total of more than $400,000 in disgorgement, interest, and penalties to settle the charges, without admitting or denying the SEC’s findings, according to the SEC. In the SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, the agency alleged that Sun and his companies offered and sold TRX and BTT as investments through multiple unregistered "bounty programs," which directed interested parties to promote the tokens on social media, join and recruit others, and create BitTorrent accounts in exchange for TRX and BTT distributions.
According to the complaint, the SEC said each of these unregistered offers and sales violated Section 5 of the Securities Act. This requires all issuers to register non-exempt securities with the SEC. Section 5 regulates the timeline and distribution process for issuers who offer securities for sale.
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