The US Securities and Exchange Commission (SEC) has recently fined YouTube star Jake Paul over $400,000 for “illegal” crypto promotion. The SEC alleged that Paul had promoted a fraudulent initial coin offering (ICO) and failed to disclose that he was being paid for the promotion.
Paul, who has over 20 million subscribers on YouTube, was accused of promoting the Centra Tech ICO in 2017 without disclosing that he was being paid for the promotion. The SEC alleged that Paul received $200,000 in cash and $100,000 in Centra tokens for the promotion.
Paul has agreed to pay a $202,000 penalty and $1 million in disgorgement, which is the amount of money he made from the promotion. He has also agreed to not promote any securities for two years.
The SEC’s action against Paul is part of its ongoing effort to crack down on fraudulent ICOs and other crypto-related activities. The SEC has previously taken action against other celebrities, including boxer Floyd Mayweather and music producer DJ Khaled, for promoting ICOs without disclosing that they were being paid for the promotion.
The SEC’s action against Paul serves as a warning to other celebrities and influencers who may be tempted to promote ICOs without disclosing that they are being paid for the promotion. It also serves as a reminder that the SEC is serious about cracking down on fraudulent ICOs and other crypto-related activities.
The SEC’s action against Paul is a reminder that the crypto space is still largely unregulated and that investors should be cautious when investing in ICOs and other crypto-related activities. It is important to do your own research and understand the risks associated with investing in ICOs and other crypto-related activities.
Tronix and BitTorrent tokens were offered and sold illegally and that Sun fraudulently manipulated the market to make the tokens appear as actively traded — despite no change of ownership in various sales.
Drop in the bucket for him, I’m sure, but I suppose I’m glad he’s being held accountable. Jesus wtf is that hat?
tgest
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Keep them coming. We need each and everyone on these influencers who ruined lives for their dollars.
Mfs ! They should be given harshest terms.
Did he do more than just get paid to say a few words?
Along with that fine he’s also forced to return the millions he scammed . It was the deal with fine for everyone SEC went after recently.
They get away just paying peanuts. Looks like a profitable trade for influencers
He made mils tho
The face of a serial crypto scammer
I wonder if people are now gonna sue personally or launch class-action lawsuits? They should
Won’t stop him doing it again.
Make a few million per scam, pay a small fee and repeat.
That’s not enough.
Got what he deserved. Still not harsh enough
Don’t trust a Paul.
Somehow every time you hear about this guy, he manages to set the bar lower. Glad to see he’s facing some repercussions for his shit actions.
Watch out for the Paul’s
The amount of money he took from investors is more than this, I’m sure. They should charge him more, at least more than the money he took
Just a slap on the wrist.
Dang, pretty hefty fine. So what is his final profit?
So he will profit millions from promotions and rug pulls, then get fined a fraction of what he made? This will not stop him from doing it again
400k is nothing
Should be 4 million. Hope after all this they get cancelled so ducking hard
Didn’t he lose his entire boxing purse too? This guy sucks!
This is an absolute win for the crypto community, and the human race as a whole
Jake Paul is an idiot and if you’re taking his financial advice, I don’t feel so bad.
This is peanuts to him. He likely makes more than 10x this each fight.
400 k is nothing for him
Correction: They settled the charges for 400K, in return for not admitting wrongdoing.
They defrauded hundreds of people and won’t even have to pay back everything they made + this won’t go on their criminal records.
Truly justice has been served here…
Article is wrong. Jake Paul, Lindsay Lohan, Souljaboy etc all **collectively** settled for $400,000.
The clickbait continues