Lindsay Lohan is a popular name in the entertainment industry. She started acting at the age of 10 and later transitioned into major roles as an adult. However, currently, she is in the news for all the wrong reasons along with celebrities like Jake Paul and Soulja Boy.
The ‘Mean Girls‘ actress along with Paul and Boy have been charged in a crypto scheme. Other high-profile names in the involvement are singers Akon, Ne-Yo, Lil Yachty, and Austin Mahone. So let’s find out the details of what exactly this crypto scheme is all about.
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Lindsay Lohan And Others Are Charged In A Crypto Scheme
Lindsay Lohan and several other high-profile celebrities have been named in a crypto scheme. According to The Hollywood Reporter, the Securities and Exchange Commission has charged in a crypto scheme associated with Justin Sun and his companies like Tron Foundation Limited, Rainberry, and BitTorrent Foundation Ltd.
Apart from Lohan, influencer, and boxer Jake Paul, adult film actress Kendra Lust, singers Akon, Soulja Boy, Ne-Yo, Lil Yachty, and Austin Mahone are also named in the scheme by SEC.
All these celebrities are accused of promoting the brand names “without disclosing that they were compensated for doing so and the amount of their compensation.” According to SEC, all the stars, except Mahone and Soulja Boy, have agreed to pay a penalty of over $400,000. This payment will be done without admitting or denying the charges leveled against them.
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What Did The SEC Say In This Matter?
Gurbir S. Grewal, director of the SEC’s Division of Enforcement, has said that Justin Sun’s companies “used an age-old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities.”
They stated that these celebrities were paid millions of “social media followers to tout the unregistered offerings.” Crypto endorsements by celebrities have been running in hot waters recently.
Last year, Kim Kardashian had to pay around $1.2 million in settlement for promoting the EMA token. FTX, earlier, also alleged that celebs like Tom Brady and Larry David were fooling investors to put their money in the company.
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