Lindsay Lohan can’t catch a break as now she is among several celebrities whom the Securities and Exchange Commission is charging for penalties. Apparently, the former Parent Trap (1998) star is among a number of industry personalities who appear to be involved in a cryptocurrency scam that Justin Sun has led.
Lohan, along with other influencers, endorsed Sun’s cryptocurrencies but did not publicly disclose how much they were paid for. Furthermore, aside from withholding the financial information, they also were allegedly following Sun’s instruction to do so.
Together with Lindsay Lohan are Ne-Yo, Akon, Soulja Boy, Jake Paul, Lil Yachty, Austin Mahone, and Kendra Lust. Reports say that this specific snag was what high-profile influencer Kim Kardashian tackled last year for a different cryptocurrency company.
Lindsay Lohan Is Being Charged For Crypto Scheme
In a report from The Hollywood Reporter, Gurbir S. Grewal, director of the SEC’s Division of Enforcement, said:
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.
While there isn’t much detail as to how and to what extent Lindsay Lohan has involved her name with the issue, it is likely that she has to address and comply with the SEC conditions. The description, the celebrities’ names and popularity were used to persuade the market.
Even more in the report, Lohan has already agreed to pay more than $400,000 for penalties. The SEC reports that most of the listed influencers have done the same, except for Mahone and Soulja Boy.
Quite notably, Lohan is actually considered to be on a better path in her career lately. People were really rooting for her to get back to her talent footing after her Netflix Christmas movie Falling For Christmas (2022). Much like going back to her romantic comedy roots, the genre is indeed where the actress shines the most.
Apart from Parent Trap during her younger years, she is still known for other movies such as the romantic comedy Just My Luck (2006), the coming-of-age high school chick flick Mean Girls (2004) and the car racing fantasy Herbie Fully Loaded (2005). Arguably, her most memorable movie is opposite new Oscar-winner Jaime Lee Curtis in Freaky Friday (2003).
Years of personal and professional challenges definitely hurt the actress’ career. It seemed that she had to resolve so many personal issues, and it was only lately that she had begun to get herself back together.
For whatever reason that Lohan got herself in the mix of this crypto scam; the situation poses an example for others to ‘look before they leap’ in any investment. It may be because of the involvement of celebrities that other people become more susceptible to becoming victims of these scams.
Lindsay Lohan Got Mixed Up In Crypto Scheme
Prior to entering or participating in investments for companies that sound ‘too good to be true’, it is advisable to conduct ‘due diligence’ and check if the company has primarily complied with the SEC rules and regulations for public investment. Long-time investors, especially in stock market trading, would say that if it is ‘too good to be true’, then trust your instincts to question the legitimacy.
Even though this would surely appear to be a ‘two-step forward and one step back’ phase for Lindsay Lohan, we know she has it in her to pull herself back up. She is a talented actress, and she has the capacity to hurdle this obstacle.
We have reported before that a Freaky Friday movie sequel is in the works. Hopefully, that pushes through, and she can get her career back on track once more. Jaime Lee Curtis is positive at the prospect of a sequel. We look forward to their reunion and reprise of their memorable roles.
What do you make of this news? Let us know your thoughts in the comments below.
What do you make of this story? Let us know in the comments below or on our Facebook, Twitter or Instagram pages! And if you enjoy listening to film podcasts, why not check out our podcast, The Small Screen Podcast, wherever you get your podcasts!