Kim Kardashian has come under fire for promoting a crypto coin on Social media after being paid $250,000.
Kimberly, 41, a model, reality T.V star, and social media influencer has promoted EMAX Crypto tokens and was fined by SEC- The Securities and Exchange Commission a sum of $1.26M.
This she did without proper disclosure of how much she was paid to undertake the task and when she was paid to influence her followers into crypto investment.
According to SEC, the public reserves a right to know how much they are willing to risk in venturing into any investment.
Gary Gensler said the fine serves as a reminder to all celebrities and influencers to state how much they are paid on any ad and not to influence investors wrongly in a ‘Pump and Dump Scheme’
‘This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn’t mean that those investment products are right for all investors, We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.’
Kim settled the fine and co-operated with SEC eager to put the whole show behind her.
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