2/13/2023 0 Comments Amp token price![]() Promotors who mislead investors should be held accountable,” he said. ![]() “We see the SEC order as validation of the claims in the EthereumMax litigation, particularly those against defendant Kardashian. John Jasnoch, the attorney who filed the class-action suit, said the SEC’s move went a long way in supporting his clients’ case. ![]() The SEC has moved to clamp down on the practice, similarly fining celebrities like Steven Seagal, DJ Khaled, and even Mayweather previously, for failing to make clear they had been paid to promote various crypto currencies. The action shines a light on what had been a relatively common marketing ploy for cryptocurrency issuers seeking attention for their tokens. See: SEC fine may crimp Kim Kardashian’s capital raising for her private-equity firm Skky Partners: expert Kardashian neither admitted to nor denied the findings, and her lawyer, Michael Rhodes, said in a statement that she fully cooperated with the SEC investigation and that the SEC agreement allows her to “move forward with her many different business pursuits.” On Monday, Kardashian reached an agreement with the Securities and Exchange Commission to pay a $1.26 million fine related to her EMAX endorsement, which the agency said failed to properly disclose that she had been paid $250,000 to promote. A judge has yet to rule on any of the motions. The founders of EthereumMax have also sought to have the case dismissed. All three have filed motions to have them removed from the suit, arguing they had no role in how the token was issued, sold or managed. The suit also names Kardashian, Mayweather and Pierce as co-defendants. “The misleading promotions and celebrity endorsements were able to artificially increase the interest in and price of the EMAX Tokens during the relevant period, causing investors to purchase these losing investments at inflated prices,” the suit argues.Īttorneys for EthereumMax’s co-founders, Steve Gentile and Giovanni Perone, didn’t immediately respond to calls seeking comment. The investors say they only bought EMAX after learning of it through the publicity brought by Pierce, Mayweather and Kardashian’s endorsements. The suit claims that the company’s founders made big profits after cashing out as prices jumped following online endorsements by Kardashian, former NBA star Paul Pierce and retired boxing champ Floyd Mayweather. The reality show star’s post was the last of several celebrity endorsements EMAX had relied upon to drive up the price of the coin they had released in May 2021, according to a class-action lawsuit filed in federal court in California by numerous investors.
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