SEC charges Justin Sun, Lindsay Lohan and others over cryptocurrency endorsements

WASHINGTON: The Securities and Exchange Commission (SEC) reportedly filed charges against crypto entrepreneur Justin Sun, his companies, and notable celebrities for fraud and other security law violations.

Apart from charging Justin Sun, the SEC also filed charges against many celebrities including Lindsay Lohan, Jake Paul, Ne-Yo, Akon, Lil Yachty, and others for violating laws while ‘touting cryptocurrencies’. According to reports, Jake Paul and Ne-Yo are among the stars who have agreed to pay settlement without admission or denial. Meanwhile, Austin Mahone and Soulja Boy have not agreed.

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SEC charges Justin Sun, Lindsay Lohan and others over cryptocurrency endorsements | Baaghi TV

Pictured above is Justin Sun a Chinese-born Grenadian cryptocurrency entrepreneur and business executive. He is also the founder of Tron, a blockchain DAO ecosystem and a Permanent Representative of Grenada to the World Trade Organization in Geneva.

Pictured above is American actress and singer, Lindsay Lohan.

The SEC on Wednesday, filed charges against eight celebrities as part of its broader charges against Justin Sun and his three companies namely Tron Foundation Ltd, BitTorrent Foundation Ltd, and Rainberry Inc (previously known as BitTorrent) for their unregistered offer and sale of the crypto asset securities Tronix (TRX) and BitTorrent (BTT), according to a press release on the matter.

As per the press release, the stars were included for “illegally touting TRX and/or BTT without disclosing that they were compensated for doing so and the amount of their compensation”.

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Pictured above is American singer-songwriter, Ne-Yo.

Pictured above is American media personality, Jake Paul.

Pictured above is Senegalese-American singer, Akon.

Additionally, the SEC stated that Sun and his companies had offered and sold the crypto asset securities as investments via unregistered “bounty programs”.

Gary Gensler, SEC Chair in a statement said that the case exhibits the “high risk investors face when crypto asset securities are offered and sold without proper disclosure”.