Justin Sun, the founder of Tron network as well as the three of Sun companies have been charged with alleged market manipulation, fraud, and offering unregistered securities.
According to the Securities regulators release, together with Sun, other companies charged with fraud and violation of securities laws include Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent).
Eight Celebrities Charged for Illegally Promoting Sun’s Securities
While attempting to offer TRX and BTT, Sun involved some celebrities, according to the release, these celebrities were involved in the promotion of the above-mentioned crypto assets of which none of them declared the amount received for promoting the assets, these celebrities include Lindsay Lohan, Jake Paul, DeAndre Cortez Way (Soulja Boy), Austin Mahone, Michele Mason (Kendra Lust), Miles Parks McCollum (Lil Yachty), Shaffer Smith (Ne-Yo), Aliaune Thiam (Akon).
“While we’re neutral about the technologies at issue, we’re anything but neutral when it comes to investor protection,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “As alleged in the complaint, Sun and others used an age-old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities. At the same time, Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation. This is the very conduct that the federal securities laws were designed to protect against regardless of the labels Sun and others used.”
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