Kim Kardashian to pay $1.26 million following illegal advertisement investigation by the SEC

hellomagazine.com:

Kim Kardashian's influencing has gotten her in trouble. The star has agreed to pay millions of dollars to the U.S. Securities and Exchange Commission after illegally promoting EthereumMax.MORE: Kim Kardashian turns heads with her latest family portrait - her children's outfits can't be missedThe SEC unveiled the charges on Monday, 3 September, detailing that the entertainment mogul advertised on her social media "a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion."As a result, she has agreed to pay $1.26 million in penalties, disgorgement and interest.

Kim also has to cooperate with the SEC in their ongoing investigation into the cryptocurrency platform.WATCH: Kim Kardashian's 40,000 sq ft office is out of this worldMORE: Inside Kim Kardashian's $150 million private plane named Kim AirPer the SEC: "Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax."In her post, she directed her whopping 330 million followers to a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.The SEC maintained that: "Kardashian violated the anti-touting provision of the federal securities laws." The star was most recently in Milan debuting her new collection with Dolce & GabbanaThough she neither admitted to or denied any wrongdoing and did not confirm the SEC's findings, Kim agreed to settle by paying the aforementioned $1.26 million which includes "approximately $260,000 in disgorgement, which represents her promotional payment, plus prejudgment interest, and a $1,000,000 penalty."MORE: Inside Kim.