Jake Paul is in trouble once again as Security and Exchange Commission (SEC) has accused The Problem Child of endorsing illegal cryptocurrencies. Nevertheless, Jake is not the only person charged with participating in the scheme; in fact, eight celebrities have been so far accused of violating the law.
SEC charges Lindsay Lohan, Jake Paul, Soulja Boy, Akon, Ne-Yo, Lil Yachty, and more celebs over crypto violations https://t.co/g8vxH8LgLn
— philip lewis (@Phil_Lewis_) March 22, 2023
Paul has had an incredibly wild few weeks. A crypto scheme charge has now been made on top of losing to Tommy Fury, nearly getting into a fight with Floyd Mayweather, trainer BJ Flores being shot during an armed robbery, and verbal confrontation with KSI.
What crime have Jake Paul and seven other celebrities been accused of?
The SEC in a news release on Wednesday addressed Jake Paul and seven other celebrities’ involvement in the illegal promotion of two cryptocurrencies on their social media platforms. According to SEC, they are charged for their participation in promotional activities “without disclosing that they were compensated for doing so and the amount of their compensation.”
Other than the YouTuber-turned-boxer, people who are also part of the illegitimate scheme are actress Lindsay Lohan, singer and rapper Soulja Boy, singer Austin Mahone, porn actress Kendra Lust, rapper Lil Yachty, singer Ne-Yo and rapper Akon.
Lindsay Lohan, Jake Paul, Lil Yachty, Soulja Boy, Ne-Yo, Akon and Austin Mahone been hit with Securities and Exchange Commission charges for violating securities laws in touting crypto currencies.
🔗: https://t.co/NdUP4oemYo pic.twitter.com/Lu44plqyED
— Pop Crave (@PopCrave) March 22, 2023
Justin Sun, a China/Grenada-born cryptocurrency inventor and business leader, has already been prosecuted by the SEC for paying all of these celebrities to promote the tokens fraudulently.
SEC sues Justin Sun for his crypto schemes, along with Lindsay Lohan, Jake Paul, and Soulja Boy https://t.co/NXjT58jtgv pic.twitter.com/GdOqN6CdaC
— The Verge (@verge) March 22, 2023
According to SEC Chair Gary Gensler, Sun the owner of Tron Foundation, BitTorrent Foundation, and Rainberry, also manipulated his employees for the aforementioned criminal activities.
“This case demonstrates again the high-risk investors face when crypto asset securities are offered and sold without proper disclosure,” said Gary.
Jake Paul is one of several celebrities charged by the SEC for “illegally touting” a cryptocurrency scheme.
📰 https://t.co/AhGVkEqXvB pic.twitter.com/b3KZ29XnDe
— MMA Fighting (@MMAFighting) March 22, 2023
The eight celebrities’ penalties 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.
