Kim Kardashian fined $1 million by SEC over crypto promotion


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Excellent news !!..

Wel done SEC !!..

She is a phony, looooool !!..

8 ( +8 / -0 )

There's a law in the US which says if you are paid to market anything, then do that marketing in an undisclosed way .... like using a personal post, then that is illegal. All she needed to do what say that anything she posts about on page X, Y, Z, could be because she is being paid by company X1, Y2, Z3. Not every post needs the disclaimer to be compliance with the law. Any website that uses affiliate links to market stuff does the same.

Crypto-currency is a "bigger fool" investment, like the Dutch tulip bubble in history.

There are great uses for crypto-currency in countries with bad currency polities and for everyone with specific, short-term, needs, but an investment it is not. Call it gambling and put less than 1% of your liquid holdings into it - nothing you don't expect to be worthless, just in case it gets stable and regulated to become a solid currency.

Beware that people pushing crypto-currency were likely giving a non-trivial amount of it, with a time period they aren't allowed to sell, so they have a strong interest in pumping the price before dumping it, just like the old pump-n-dump stock scam.

3 ( +3 / -0 )

The feds generally investigate fraudulent behavior by website,that can harm a person monetary or healthwise,by issuing a cease and desist order,and the person , behind the illegal activity ,do not know they are target of an investigation ,until the Feds spring the trap,

-2 ( +0 / -2 )

Who cares.

-2 ( +0 / -2 )

It's a pity that she can easily afford it, she should have been fined an amount that really does hurt.

1 ( +1 / -0 )

Poor Kimi. She was only trying to help her fans get rich like she has done.

-1 ( +0 / -1 )

Kardashian is the latest celebrity to get ensnared in regulations that require full disclosure by people getting paid to promote financial products.

In 2020, actor Steven Seagal agreed to pay more than $300,000 as part of a similar settlement with the SEC, which also banned him from promoting investments for three years.

In 2018, the SEC settled charges against professional boxer Floyd Mayweather Jr and music producer DJ Khaled for failing to disclose payments they received for promoting investments in a digital currency.

SEC Chair Gary Gensler said in a statement that the Kardashian settlement “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.”

There's law in the US that if ya gonna shill in the financial markets, ya have to disclose if you're being paid and by how much

They can shill - they just have to publicly disclose

0 ( +0 / -0 )

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