The SEC charged Kim Kardashian over a post she made promoting a crypto asset security sold by EthereumMax 'without disclosing the payment she received for the promotion.'
The Securities and Exchange Commission on Monday charged reality star Kim Kardashian over a post she made promoting a crypto asset security sold by EthereumMax"without disclosing the payment she received for the promotion."The SEC alleged that Kardashian failed to disclose that she received $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax.
"We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals," he added. "Ms. Kardashian is pleased to have resolved this matter with the SEC," Kardashian’s lawyer told ABC News in a statement. "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."
Kardashian is among a number of celebrities named in a class-action lawsuit filed last January in a California U.S. District Court over allegations from investors that they suffered losses after the celebrities promoted the crypto coin. That court case is ongoing.
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