Lindsay Lohan, Lil Yachty and Soulja Boy were charged as part of a larger investigation into crypto company Tron Foundation Limited and its founder, Justin Sun.
in the case. So far, all of the celebrities tied to Sun and his crypto firms — apart from Mahone and Soulja Boy — have reached settlements with the SEC, paying over $400,000 in “disgorgement, interest and penalties… without admitting or denying the SEC’s findings.”
The SEC’s complaint against Sun and his companies was filed March 22 in the U.S. District Court for the Southern District of New York. “This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,” said SEC chair. “As alleged, Sun and his companies not only targeted U.S. investors in their unregistered offers and sales, generating millions in illegal proceeds at the expense of investors, but they also coordinated wash trading on an unregistered trading platform to create the misleading appearance of active trading in TRX.
“While we’re neutral about the technologies at issue, we’re anything but neutral when it comes to investor protection,” said, 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.
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