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The top U.S. financial regulator has charged celebrity Kim Kardashian for touting a cryptocurrency on her Instagram account without disclosing that she was paid for the promotion.
The Securities and Exchange Commission said Monday Kardashian has agreed to pay a fine of $1 million, although she did not admit or deny the S.E.C.’s findings. She will also give back $260,000, which includes her payment from the company with interest.
« 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, » said SEC chair Gary Gensler.
