Kim Kardashian seems to be in the process of paying off the SEC over $1 Million relating to an Instagram post.
Kardashian failed to tell her followers she was paid to promote a crypto asset — a mistake that’s now cost her $1.26 million and charges from the Securities and Exchange Commission.
Today, October 3rd, the SEC revealed that Ms. Kardashian was allegedly paid $250,000 to post about EMAX tokens on Instagram, a crypto asset offered by EthereumMax.
The post also included a link to the EthereumMax website where her followers could buy the tokens.
SEC Chair Gary Gensler says, “Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.”
As for how Kim’s fine breaks down … there’s a $1 million penalty and the remaining $260,000 includes about how much she made for posting the promotion.