03/10/2022
The top U.S. financial regulator has charged celebrity Kim Kardashian for touting a cryptocurrency on her Instagram account without disclosing that she was paid for the promotion.
The Securities and Exchange Commission said Monday Kardashian has agreed to pay a fine of $1 million, although she did not admit or deny the S.E.C.'s findings. She will also give back $260,000, which includes her payment from the company with interest.
"Ms. Kardashian's case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities," said SEC chair Gary Gensler.
Kardashian, who has around 330 million Instagram followers, was paid $250,000 to promote cryptocurrency offered by EthereumMax called EMAX tokens
