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Kim
is one of several celebrities named in a class-action lawsuit filed
last January in a California U.S. District Court on behalf of investors
who claim they lost money after the celebrities promoted the
cryptocurrency.
Kim Kardashian has been fined $1.26 million for sharing a
cryptocurrency advert on her Instagram page after failing to disclose
the amount she was paid for the promotion.
The United States Security and Exchange Commission charged the
SKIMS founder to court after she promoted a crypto asset, EthereumMax,
on her social media platform, according to ABC News.
Kim is one of several celebrities named in a class-action lawsuit
filed last January in a California U.S. District Court on behalf of
investors who claim they lost money after the celebrities promoted the
cryptocurrency.
In the lawsuit, the disgruntled plaintiffs claimed they had invested money in the cryptocurrency after “viewing numerous celebrity endorsements of EMAX.”
According to the SEC, Kardashian failed to disclose that she was
paid $250,000 to publish a post about EMAX tokens, a crypto asset
security offered by EthereumMax.
While the case is still ongoing, Kardashian has agreed to settle to the tune of $1.26 million.
The commission stated in its Monday announcement that Kim’s
settlement includes the payment she received for promoting the
cryptocurrency as well as a $1 million fine.
In addition, the business mogul agreed to refrain from promoting any crypto asset securities for the next three years.
A statement shared by Kim’s lawyer to ABC News stated that the
billionaire had chosen to settle in order to avoid “a protracted
dispute”.
The release read in part, “Ms. Kardashian is pleased to have
resolved this matter with the SEC. Kardashian fully cooperated with the
SEC from the very beginning and she remains willing to do whatever she
can to assist the SEC in this matter.
“She wanted to get this matter behind her to avoid a protracted
dispute. The agreement she reached with the SEC allows her to do that
so that she can move forward with her many different business pursuits.” |
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