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Seeking Alpha 2022-10-03 11:49:20

Kim Kardashian to pay $1.26M over Instagram post touting crypto, SEC says

Kim Kardashian has agreed to pay $1.26M to resolve charges that she touted a crypto asset security on social media without disclosing the payment she received for the promotion, the Securities and Exchange Commission said Monday.The regulator alleged that the celebrity failed to disclose that she was paid $250K to post on her Instagram account about EMAX tokens, a crypto asset security being offered by EthereumMax. The post contained a link to the EthereumMax website that provided instructions for potential investors to purchase the tokens, the SEC said.The SEC alleged that the businesswoman and social media influencer violated the anti-touting provision of federal securities laws. Without admitting or denying the SEC's findings, she agreed to pay the $1.26M, including $260K in disgorgement plus prejudgment interest and a $1M penalty. Kardashian also agreed to not promote any crypto asset securities for three years.Last month, Kim Kardashian co-founded a new private equity firm that will focus on consumer and media sectors.

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