Lindsay Lohan, Akon and Ne-Yo fined thousands of dollars after illegally promoting cryptocurrency | US News

Actress Lindsay Lohan, rapper Akon and singer Ne-Yo were forced to pay tens of thousands of dollars to settle allegations that they promoted cryptocurrency investments to social media followers, without saying whether they were paid for it.

The group of celebrities also includes rapper Lil Yachty, boxer and internet personality Jake Paul and adult film actor Michelle Mason, who have agreed to pay the US Securities and Exchange Commission (SEC) more than £325,000 ($400,000).

celebrities pay for publicity password Tronix and BitTorrent companies post on social media to their millions of followers.

Akon, Artist, Chairman and Co-Founder of Akoin, speaks at Web Summit, Lisbon, Portugal, November 6, 2019.  REUTERS/Pedro Nunese

None of the celebrities who paid the fines acknowledged or denied the SEC’s findings.

Two other prominent figures, rapper Soulja Boy and pop star Austin Mahone, did not settle with the SEC.

spokesman Ms. Lohanwho announced She is pregnant Last week, she said she contacted the actress in March 2022, when she was unaware of the requirement to disclose promotion fees, and agreed to pay the fine.

She refunded the £8,141 ($10,000) she had received plus interest and paid a £24,425 ($30,000) penalty.

Representatives for other celebrities either declined to comment or did not respond to requests for comment.

In recent years, major public figures including Matt Damon, Tom Brady and Reese Witherspoon have used their influence and large social media followings to promote cryptocurrencies.

However, it is illegal to do so without disclosing that they are being paid.

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That has put some big names in trouble with U.S. regulators.

Reality TV star Kim Kardashian agreed last year to pay £813,635 ($1 million) to settle federal charges for recommending the Ethereum Max token without disclosing that she was paid for it.

As part of a similar settlement in 2020, actor Steven Seagal was banned from promoting the investment for three years and forced to pay a £244,102 ($300,000) fine.

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