Kim Kardashian has paid the Securities and Exchange Commission (SEC) $1.26 million in resolution of charges stemming from her social media advertising of EthereumMax.
According to a press statement published on Monday, the SEC brought charges against Ms Kardashian for failing to disclose the $250,000 payment she received for publishing promotional information about EthereumMax.
“The SEC’s order finds that Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security offered by EthereumMax. Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens,” the SEC said on Monday.
According to the SEC’s ruling, Ms Kardashian violated the anti-touting provision of federal securities laws. Her $1.26 million settlement comprises around $260,000 in disgorgement, plus prejudgment interest and a $1 million penalty.
