News

Lindsay Lohan, Akon and Ne-Yo fined for illegal crypto promotion

by on

More in News:

Actress Lindsay Lohan, rapper Akon and singer Ne-Yo have been hit with sizable fines after promoting crypto schemes without disclosing to their followers that it was a paid promotion.

Many celebrities including Tom Brady and Matt Damon have promoted crypto in the past, however it is illegal to promote crypto without informing your audience that you are being paid to do so.

The celebrities in question agreed to pay a collective total of over $400,000 to the US Securities and Exchange Commission (SEC).

The celebrities were paid to promote crypto companies Tronix and BitTorrent to their followers on social media.

A spokesperson for Lindsay Lohan said he had been contacted in March 2022 about her crypto promotion.  The spokesperson said Lohan was unaware that she had to disclose to her followers she was being paid to promote the companies.

Lohan paid a fine to the SEC and also returned the $10,000 she was paid by the crypto companies along with interest.

The other celebrities have declined to comment on the fines.

Other household names have found themselves in trouble for similar promotions in the past.

Kim Kardashian agreed to pay a fine of $1 million last year to settle federal charges after she promoted Ethereum Max tokens without disclosing that it was a paid promotion.

Actor Steven Seagal was banned from promoting investments for three years and forced to pay a $300,000 fine as part of his settlement in 2020.

ARTICLE: PAUL MURDOCH

MANAGING EDITOR: LUKE MOCHERMAN

PHOTO CREDIT: TIMES OF INDIA

The following two tabs change content below.

Paul Murdoch

Paul, 37, is from Scotland in the UK, but currently lives and works in Bangkok. Paul has worked in different industries such as telemarketing, retail, hospitality, farming, insurance, and teaching, where he works now. He teaches at an all-girls High School in Bangkok. “It’s a lot of work, but I love my job.” Paul has an active interest in politics. His reason for writing for FBA is to offer people the facts and allow them to make up their own minds. Whilst he believes opinion columns have their place, it is also important that people can have accurate news with no bias.

Paul, 37, is from Scotland in the UK, but currently lives and works in Bangkok. Paul has worked in different industries such as telemarketing, retail, hospitality, farming, insurance, and teaching, where he works now. He teaches at an all-girls High School in Bangkok. “It’s a lot of work, but I love my job.” Paul has an active interest in politics. His reason for writing for FBA is to offer people the facts and allow them to make up their own minds. Whilst he believes opinion columns have their place, it is also important that people can have accurate news with no bias.

Leave a Reply