Eight celebrities including actor Lindsay Lohan, and YouTuber/boxer Jake Paul were among the eight celebrities who are under investigation by the SEC for promoting cryptocurrencies without disclosing they were paid to do so.
“Sun (crypto company) paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation,” Gurbir Grewal, director of the SEC’s enforcement division, said in the statement.
The celebrities, which also include rapper Lil Yachty, singer-songwriter Austin Mahone, rapper Soulja Bo, porn actor Kendra Lust, singer-songwriter Ne-Yo and singer AKON were all slapped with charges.
Six of them have agreed to pay a combined more than $400,000 in penalties without ‘admitting or denying the allegations’, according to the SEC.