The SEC Charges Celebrity Kim Kardashian for Illegal EthereumMax Advertising
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The Securities and Exchange Commission (SEC) has accused fashion model and actress Kim Kardashian of illegal advertising of the altcoin EthereumMax (EMAX).
According to the regulator, the celebrity did not say she had received $250,000 for Instagram posts about the security tokens offered by EthereumMax. The Kardashian post contained a link to the project’s website, where potential investors received instructions on how to buy EMAX.
In doing so, the star violated the federal Securities Act to prohibit advertising without disclosing the nature, source and amount of compensation received in exchange for the promotion.
The watchdog has said:
“Investors have a right to know whether an advertisement for a security is fair.”
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