The crypto misadventure of Kim Kardashian has put her in serious trouble with federal officials.
The reality television actress and social media influencer has reached a settlement with the Securities and Exchange Commission over allegations that she failed to disclose a payment she received for promoting a cryptocurrency on Instagram, the agency stated Monday morning.
While Kardashian has developed a media and lifestyle empire, the SEC claims she has not confirmed nor rejected the conclusions of the agency. In a statement, Kardashian’s attorney expressed satisfaction with the resolution. Kara has been helping the SEC out from the start and says she’ll keep doing anything they need.
She wanted to lay this topic to rest in order to prevent a lengthy argument. The arrangement she negotiated with the SEC enables her to carry ahead with her diverse business endeavours, according to the statement.
Duncan Levin, who was the lawyer for conman Anna Sorokin, aka Delvey, said that the deal let Kardashian avoid a much more invasive process that could have involved a deposition and the gathering of documents.
In addition, the SEC had the opportunity to make an example of a celebrity, “The SEC is interested in sending a message to other possible celebrity endorsers of securities to ensure that their tweets are not misunderstood as financial advice,” said Levin, a former federal prosecutor and the chief of asset forfeiture in the New York District Attorney’s Office.