Is Kim Kardashian sending a shady message to her ex through a new Insta vid?!
03.10.2022 - 17:39 / perezhilton.com
Kim Kardashian may be a lawyer(ish), but she lost this legal battle!
The 41-year-old reality TV star got busted by the feds this week after improperly pushing a cryptocurrency product on her Instagram account! And she had to pay up BIG to settle the issue once and for all!!
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On Monday morning, the Securities and Exchange Commission announced they have settled a case with the Kardashians star over a charge that she failed to disclose a payment she received for promoting a crypto product.
The issue at hand was Kim taking money from EthereumMax in exchange for promoting the company’s EMAX crypto token on her Instagram page. The SEC charged she did not disclose her payment deal with fans and investors by revealing that last year’s Insta promotion in question was spon-con. Thus, they alleged she personally benefitted financially from propping up the crypto token and didn’t disclose her endorsement — a big no-no for the SEC and a direct violation of the Securities Act.
She wasn’t the only celeb caught up in this mess, either. Former NBA star Paul Pierce and longtime boxing legend Floyd Mayweather Jr. were also sued by investors earlier this year for their allegedly shady promotional posts surrounding EthereumMax last year. For Kim, the issue stemmed from a post she made on her popular IG account last June, in which she wrote:
Yeah, the SEC didn’t like that “sharing what my friends just told me” stuff one bit, since she didn’t disclose how she was allegedly paid to promote the product! The SEC’s investigation found she was paid $250,000 by EthereumMax to pump their EMAX token. But the United States’ long-standing Securities Act requires those getting
Is Kim Kardashian sending a shady message to her ex through a new Insta vid?!
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Kim Kardashian could face a "speed bump" in her efforts to become a lawyer after being fined by the US Securities and Exchange Commission. The 41-year-old star recently agreed to pay a $1. 26 million fine for advertising the cryptocurrency EthereumMax on her Instagram page, and Andrew Stoltmann, a professor of securities law at Northwestern University, has suggested that it could hinder Kim's career ambitions.
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Kim Kardashian found herself in hot waters after the top U.S. financial regulator, the Securities and Exchange Commission (S.E.C), charged her for attempting to sell cryptocurrency on her Instagram account without disclosing that she was paid for the promotion.According to the independent agency of the United States federal government, the reality tv personality and businesswoman agreed to pay a fine of $1 million, even though she kept a neutral position regarding the S.E.C.‘s findings.
Kim Kardashian will pay a $1.26m (£1.12m) fine after advertising the cryptocurrency EthereumMax on Instagram. Kim, 41, received $250,000 for advertising the cryptocurrency, but did not disclose that she had been paid to tout the crypto asset, it has been revealed.
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