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The Bert Show

This Celeb Was Fined By SEC For Promoting Cryptocurrency?!

The Bert Show

The Bert Show

Entertainment News, Society & Culture, Comedy, News

4.14.4K Ratings

🗓️ 4 October 2022

⏱️ 6 minutes

🧾️ Download transcript

Summary

This Celeb Was Fined By SEC For Promoting Cryptocurrency?! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

The Bert Show.

0:07.0

Kim Kardashian is paying $1.26 million in a settlement agreement with the Securities

0:14.7

and Exchange Commission amid charges she unlawfully endorsed a cryptocurrency without disclosing

0:21.5

she was being paid for the promotion.

0:23.7

This is something she posted on Instagram and the federal security laws are clear that

0:28.5

any celebrity or other individual who promotes a crypto asset security must disclose the

0:34.3

nature, source and amount of compensation they received in exchange for the promotion.

0:39.1

She got paid $250,000 to do this Instagram post.

0:43.0

She did not disclose it.

0:44.6

Therefore she now must pay $1.26 million.

0:47.6

Isn't the FCC kind of defeating the purpose though because I saw it on ABC News this

0:53.4

morning and they pointed out the post with the name of the crypto.

0:57.4

They're getting advertising.

0:59.4

They're getting way more advertising than me and dollars.

1:03.2

Exactly.

1:04.2

Which is why I did not mention the name of it.

1:05.2

Yeah, but people are going to look at them.

1:08.0

And is this really going to hurt Kim Kardashian?

1:10.3

She's got $1.26 million in loose change in their drawer with all the extra soy sauce.

1:17.0

I have that.

1:18.0

I think that in my fridge though.

1:21.6

Do you?

...

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