Lindsay Lohan, Jake Paul, musicians Lil Yachty, Ne-Yo, Soulja Boy, Akon and Austin Mahone and adult film star Kendra Lust were charged Wednesday for illegally promoting the securities of crypto companies at the center of an SEC investigation
The commission today charged crypto asset entrepreneur Justin Sun and three of his wholly-owned companies for the unregistered offer and sale of crypto asset securities Tronix and BitTorrent ; fraudulently manipulating the secondary market for TRX through “wash trading”; and for orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation.
“This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,” SEC chair Gary Gensler said. “As alleged, Sun and his companies not only targeted U.S. investors in their unregistered offers and sales, generating millions in illegal proceeds at the expense of investors, but they also coordinated wash trading on an unregistered trading platform to create the misleading appearance of active trading in TRX.
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