Actress Lindsay Lohan, rapper Akon and several other celebrities have agreed to pay tens of thousands of dollars to settle claims they promoted crypto investments to their millions of social media followers without disclosing they were being paid to do so.
In response to a request for comment, Lohan's publicist Leslie Sloane said the actress was contacted in March 2022, was unaware of the disclosure requirement, and agreed to pay a fine to resolve the matter. Lohan, who last week announced she is pregnant, was called to give up the $10,000 she was paid, plus interest, and pay a $30,000 fine, according to an SEC complaint.
In the complaint filed by the SEC in federal court in New York, the agency claims the celebrities were paid to promote Tronix and BitTorrent , both crypto asset securities that were offered for sale by three companies owned by Justin Sun, a Chinese national. Sun is the permanent representative of Grenada to the World Trade Organization and may be living in Singapore or Hong Kong, according to the complaint.
"Although the celebrities were paid to promote TRX and BTT, their touts on social media did not disclose that they had been paid or the amounts of their payments," according to the complaint."Thus, the public was misled into believing that these celebrities had unbiased interest in TRX and BTT, and were not merely paid spokespersons."
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