Lindsay Lohan, Jake Paul & Ne-Yo Charged In Crypto Scheme, Celebs To Pay $400k
Lindsay Lohan and eight other high-profile celebrities have been charged by the Securities and Exchange Commission in a crypto scheme linked to businessman Justin Sun and his companies Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc., RadarOnline.com has learned.
The 36-year-old expecting mom was charged with touting cryptocurrencies associated with Sun’s companies “without disclosing that they were compensated for doing so and the amount of their compensation.”
Documents obtained by RadarOnline.com reveal that influencer Jake Paul, adult film star Kendra Lust, and musicians Ne-Yo, Akon, Soulja Boy, Lil Yachty, and Austin Mahone were also charged in the scam.
Lohan — as did all the celebrities except Soulja Boy and Mahone — have agreed to pay a more than $400k penalty without admitting or denying the charges against them.
“As alleged in the complaint, Sun and others used an age-old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities,” the director of the SEC’s Division of Enforcement, Gurbir S. Grewal, stated.
“At the same time, Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation. This is the very conduct that the federal securities laws were designed to protect against regardless of the labels Sun and others used," he continued.
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As RadarOnline.com reported, Kim Kardashian agreed to a $1.26 million settlement last year after promoting the EMA token on her social media but failing to disclose that she was paid $250k for the post.
This outlet also revealed that Tom Brady and his ex-wife Gisele Bündchen were sued in November after endorsing the now-bankrupt cryptocurrency company FTX.
RadarOnline.com later discovered that the famous exes lost a combined 1.7 million shares — once worth more than $150 million — when FTX collapsed late last year.
Seinfeld creator Larry David, Shark Tank judge Kevin O’Leary, and several other sports stars like Shaquille O’Neal, Steph Curry, David Ortiz, Naomi Osaka, Trevor Lawrence, and Udonis Haslem were also named in the lawsuit targeting Tom and Gisele.
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Lucky for Lohan, she's only been required to pay the $400k penalty — leaving her plenty of time and money to focus on her growing bundle of joy. Last week, the Mean Girls star announced she was expecting her first child with her husband, Bader Shammas.
Sources told RadarOnline.com that Lilo is overjoyed with the baby news and can't wait to be a first-time mom.
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