B-List celebs including Lindsay Lohan fined after shilling crypto
The scale of Sun's alleged washing scheme was substantial. The SEC alleges he"directed his employees to engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled, with between 4.5 million and 7.4 million TRX wash traded daily."
"This scheme required a significant supply of TRX, which Sun allegedly provided. As alleged, Sun also sold TRX into the secondary market, generating proceeds of $31 million from illegal, unregistered offers and sales of the token." Gurbir S. Grewal, director of the SEC's Division of Enforcement, stated that Sun 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.
"At the same time, Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation. This is the very conduct that the federal securities laws were designed to protect against regardless of the labels Sun and others used."
So there you have it, dear reader. Lindsay Lohan and washed-up musicians might not always be entirely reliable sources of financial advice.
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