Kim Kardashian’s cryptocurrency crisis.
Kim Kardashian fined US$1.26 m for failing to disclose she had been paid to advertise cryptocurrency.
Warning to all celebrities regarding undisclosed endorsement deals.
Kim Kardashian has been fined US$1.26 m by the US Securities and Exchange Commission (SEC) for failing to disclose that she had been paid US$250,000 to advertise the cryptocurrency EthereumMax.
Kim Kardashian has also agreed not to promote crypto currency for 3 years.
The reality star’s legal representative pointed out: :
“Ms Kardashian is pleased to have resolved this matter with the SEC…Ms Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter. She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business interests”
Gary Gensler, nominated by Joe Biden to be Chair of SEC, pointed out that the case is a “reminder” that celebrity endorsement does not necessarily make a product worth investing in.
“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….. Celebrity endorsements..don’t mean that an investment product is right for you or even, frankly, that it’s legitimate. Even if a celebrity endorsement is genuine, each investment has its own risk and opportunities. When it comes to crypto, remember many of these are highly speculative assets. You may be wondering if it’s right for you or even if it might be a scam.”
Endorsements can be an extremely lucrative revenue streams for celebrities.
In addition to large fees celebrities may also benefit from equity in the companies they promote.
It is essential, however, that the rules are followed otherwise penalties – both financially and reputationally – can be severe…….
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Andrew Eborn – upcoming engagements
17th October Cannes Drama Awards
Andrew Eborn has been invited back to host these prestigious awards.
Tech & creativity live: how to make live broadcasting content more attractive with AR/VR
Andrew Eborn has again been engaged to host and interview key industry players from around the world regarding the latest developments in technology
18th October – TBS Game show launch Cannes
Andrew Eborn has again been engaged to launch the latest TV Game Show from TBS following the global success of Takeshi’s Castle and Ninja Warrior.
19th October Cannes MIPCOM Film & TV Market Tech and Creativity
The Future of Film and TV drama created by virtual/ remote/ cloud production sponsored by Sony
Andrew Eborn has again been invited to host and interview industry leaders from around the world.
29th October Hollywood comes to Luton.
Andrew Eborn presents Hollywood comes to Luton. The first in the series will be with John Stevenson who has over 40 years’ experience in international film development and production including Shrek, the Muppets, Toy Story, Madagascar and Kung Fu Panda which grossed over US$600 million worldwide.
16th November 2022 Moorfields Academy
Andrew Eborn has again been booked to host, media train, interview and film key industry figures
ANDREW EBORN – RIGHTING WRONGS
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