US Securities and Exchange Commission slams Jake Paul and Lil Yachty with over $400,000 fine for ‘illegal’ crypto promotion, fans raving ‘Send ’em all to jail for fraud’
Jake Paul is in trouble again as the Security and Exchange Commission (SEC) has accused The Problem Child of backing illegal cryptocurrencies. Still, Jake isn’t the only person charged with participating in the program; In fact, eight celebrities have been accused of breaking the law so far.
The SEC indicts Lindsay Lohan, Jake Paul, Soulja Boy, Akon, Ne-Yo, Lil Yachty and more celebs for crypto breaches
— Philip Lewis (@Phil_Lewis_) March 22, 2023
Paul has had an incredibly wild few weeks. In addition to losing to Tommy Fury, who nearly got into a fight with Floyd Mayweather, shooting trainer BJ Flores in an armed robbery and verbally confronting KSI, charges have now been filed for a crypto scheme.
What crime have Jake Paul and seven other celebrities been accused of?
The SEC addressed the involvement of Jake Paul and seven other celebrities in illegally promoting two cryptocurrencies on their social media platforms in a press release Wednesday. According to the SEC, they are charged fees for their participation in promotional activities “without disclosing that they have been compensated and what their compensation is.”
In addition to the YouTuber-turned-boxer, actress Lindsay Lohan, singer-rapper Soulja Boy, singer Austin Mahone, porn actress Kendra Lust, rapper Lil Yachty, singer Ne-Yo and rapper Akon are also part of the illegitimate scheme .
Lindsay Lohan, Jake Paul, Lil Yachty, Soulja Boy, Ne-Yo, Akon and Austin Mahone have been indicted by the Securities and Exchange Commission for violating securities laws when promoting cryptocurrencies.
— Pop Crave (@PopCrave) March 22, 2023
Justin Sun, a China/Grenada-born cryptocurrency inventor and executive, has already been prosecuted by the SEC for paying all these celebrities to fraudulently promote the tokens.
The SEC is suing Justin Sun over his crypto plans alongside Lindsay Lohan, Jake Paul, and Soulja Boy pic.twitter.com/GdOqN6CdaC
— The Edge (@rand) March 22, 2023
According to SEC Chairman Gary Gensler, Sun, the owner of the Tron Foundation, the BitTorrent Foundation and Rainberry, also manipulated its employees into the above criminal activities.
“This case again demonstrates the high level of risk investors face when offering and selling crypto asset securities without proper disclosure,” Gary said.
Jake Paul is one of several celebrities charged by the SEC with “illegally touting” a cryptocurrency scheme.
– MMAFighting.com (@MMAFighting) March 22, 2023
Penalties for the eight celebrities have not yet been determined, but according to the SEC, Lohan, Paul, Akon, Ne-Yo, Lil Yachty and Michele Mason are all paying fines of about $400,000 each to settle the case.
https://www.sportszion.com/us-sec-slaps-jake-paul-lil-yachty-with-400k-fine-for-illegal-crypto-promotion-thrills-fans-put-them-all-in-jail-for-fraud/ US Securities and Exchange Commission slams Jake Paul and Lil Yachty with over $400,000 fine for ‘illegal’ crypto promotion, fans raving ‘Send ’em all to jail for fraud’