As well as Lohan and Paul, the regulator charged rappers Soulja Boy and Lil Yachty, singers Akon, Ne-Yo and Austin Mahone, and pornstar Kendra Lust
They are accused of touting cryptos without disclosing they were being paid
The eight are charged alongside Chinese entrepreneur Justin Sun who, as well as paying the celebs, allegedly manipulated coin prices with fraudulent trades
By Ross Ibbetson For Dailymail.com
Published: 16:27 EDT, 22 March 2023 | Updated: 17:08 EDT, 22 March 2023
The Securities and Exchange Commission (SEC) today charged eight celebrities including Lindsay Lohan and Jake Paul with ‘illegally touting’ crypto currencies.
As well as Lohan and Paul, the regulator said rappers Soulja Boy and Lil Yachty, singers Akon, Ne-Yo and Austin Mahone, and pornstar Kendra Lust, promoted the assets without disclosing they were being compensated.
The eight are charged alongside Chinese crypto baron Justin Sun who, as well as paying the stars, allegedly artificially inflated the price of the coins they were touting through a fraudulent practice known as ‘trade washing.’
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