Kim Kardashian promoted a crypto asset last year but did not inform her massive Instagram following that she was being paid to promote it.
Well, that’s the kind of thing the serious people at the Securities and Exchange Commission tend to frown on, and they hit KK with a $1.26 million fine.
This is not what you would call a good ROI for Kim K. EthereumMax paid her just $250,000 to pump up their EMAX tokens, and the SEC’s fine is five times that amount. Here IG post had a link to buy the tokens. No word on how many of her fans and followers took out their credit cards for it.
Here’s a quote from the SEC Chairman Gary Gentler, who probably cost himself a trip on Kim’s $150 million Gulfstream 650ER that she had built from “the ground up.” The one that cost over $100K to pay a painter to match her three cars the same color as that jet. The one with the cashmere interior.
“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.”
The good news for Kim is that she carries a net worth of around $1.8 billion. That means she paid the $1.3 million and could afford to make that mistake another 1,300 times or so and still be a millionaire.