Why were Lindsay Lohan, Jake Paul, Akon booked: Know everything
What's the story
The United States of America's regulators have charged a total of eight celebrities, including Lindsay Lohan and Jake Paul, for participating in an illegal crypto scheme. The celebrities have been accused of promoting two crypto tokens on their social media platforms, without revealing they were being paid for it. They were booked by the US Securities and Exchange Commission (SEC) on Wednesday.
Context
Why does this story matter?
The media statement issued by the authorities said that the accused celebrities neither disclosed they were paid to promote the crypto tokens nor revealed the amount of money they had received for the promotion. "This case demonstrates again the high-risk investors face when crypto asset securities are offered and sold without proper disclosure," said SEC Chair Gary Gensler.
Accused celebs
Celebrities who have been booked by the SEC
Apart from Lohan and Paul, six other celebrities have been booked under the same charges. These include musician Soulja Boy aka DeAndre Cortez Way, singer Austin Mahone, pornstar Kendra Lust (Michele Mason), rapper Lil Yachty aka Miles Parks McCollum, musician Ne-Yo aka Shaffer Smith, and Senegalese-American singer Aliaune Thiam (Akon). They are all accused of promoting crypto assets TRX and BTT, illegally.
Penalties
Lohan, Paul have settled charges
According to reports, Lohan and Paul have settled the charges by paying and without admitting guilt to the crime. Apart from Soulja Boy and Mahone, all other celebrities paid more than $4,00,000 to settle the charges. The Mean Girls actor, Lohan, paid $10,000 to the SEC and $30,000 as other penalties. Paul was ordered to pay more than $1,00,000.
Lohan's personal life
More about Lohan
Meanwhile, the Hollywood actor recently announced that she is expecting her first child with her husband Dubai-based businessman Badar Shammas. She put up a post on her social media last week, on March 15, to make the big announcement. The couple got married in July 2022, but rumors about their relationship started in the year 2019 and were confirmed only in 2021.