Lindsay Lohan, Jake Paul, Ne-Yo and Lil Yachty are among the eight notable names who have been hit with Securities and Exchange Commission charges for violating securities laws in touting crypto currencies.
charges for violating securities laws in touting crypto currencies.
The eight boldface names were charged with “illegally touting TRX and/or BTT without disclosing that they were compensated for doing so and the amount of their compensation,” according to the SEC. “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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