Group of celebs, including Lindsey Lohan and Jake Paul, settle with SEC after being accused of touting crypto tokens on social media without disclosing they were compensated
The SEC unveiled charges against diplomat Justin Sun for fraud and securities violations, while also charging celebrity backers including Jake Paul and Lindsay Lohan.
The charges deal with Sun's alleged trade manipulation of two crypto tokens and celebrity endorsements that did not disclose compensation.The Securities and Exchange Commission has unveiled fraud and unregistered securities charges against crypto founder and Grenadian diplomat Justin Sun, alongside separate violations against the celebrity backers of his Tronix and BitTorrent crypto assets, which included Jake Paul, Lindsay Lohan and Soulja Boy.
The SEC alleged that Sun engaged in fraud by manipulating the trading activity of the two tokens, creating the appearance of active trading when it did not exist. The unregistered offer and sale charges, on the other hand, are similar to charges the SEC has unveiled against other crypto offerings and exchanges,
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