The Law of Cause & Effect in action with a Crypto twist!

Here’s another example of how “Ignorance Is Not Bliss,” when it comes to “Cause & Effect,” particularly for the celebs who are being included in this prosecution. I’d say it is a 90% probability that none of them have

the slightest idea about what they were endorsing, other than to say, “Hey its crypto, so it must be good, right?” I’d guess the charm of that mindless pursuit of a paycheck has worn off, now that they are facing responsibility for their influencer roles.

Crypto Entrepreneur and Celebrity Promoters Face S.E.C. Charges

The agency charged Justin Sun with violations of securities law in a scheme involving the actress Lindsay Lohan and other celebrities.

https://www.nytimes.com/2023/03/22/technology/justin-sun-sec-crypto.html?smid=em-share

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SEC files crypto fraud charges against entrepreneur and celebrity backers Lindsay Lohan, Jake Paul, others

MARCH 22, 2023 / 5:44 PM / CBS NEWS

The Securities and Exchange Commission announced charges on Wednesday against crypto entrepreneur Justin Sun and the celebrity backers of his crypto asset companies Tronix (TRX) and BitTorrent (BTT).

The SEC filed the complaint against Sun and his companies for the unregistered offer and sale of crypto asset securities. The commission also charged eight celebrities for “illegally touting TRX and/or BTT without disclosing that they were compensated for doing so and the amount of their compensation,” it said in a press release,

The list of eight celebrities facing charges includes actress Lindsay Lohan, social media personality Jake Paul and rappers Soulja Boy and Lil Yachty.

The SEC is accusing Sun and his companies of “orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation.”

With the exception of Soulja Boy and singer Austin Mahone, the celebrities charged on Wednesday agreed to pay a total of more than $400,000 in interest and penalties to settle the charges, without admitting or denying the SEC’s findings, the commission’s press release said.

According to the SEC, the celebrity promotion took place as Sun and his companies were “fraudulently manipulating the secondary market for TRX through extensive wash trading, which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership.”

SEC Chair Gary Gensler said the charges highlighted the risks for investors when companies don’t commit to proper disclosure.

“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,” Gensler said. “Sun further induced investors to purchase TRX and BTT by orchestrating a promotional campaign in which he and his celebrity promoters hid the fact that the celebrities were paid for their tweets.”

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What Goes Around Comes Around:

A successful guide that uses anecdotes to reveal powerful truths about life.

The stable, positive, non-preachy and objective voice makes the book stand apart from others in the genre.

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Another crypto mess

…And here is a genuine story about how even minimal effort to bring comfort to another human can result in outsized and wonderful results. How different the world might seem to many if that kind of true effort actually ran wild! It is a thought worth considering. It is also a siren call to each of us!

New research shows small gestures matter even more than we may think.

I wonder about when this train actually went off the rail and Balwani and Holmes both knew it. It reminds me somewhat of Bernie Madoff’s $20 Billion deception in that if Bernie had fessed up when his performance first went south and he tried to cover it up, only to make it worse, he might largely have been forgiven and returned to his original trading business. But he just couldn’t do that and as time went on…well we know the result.

Was there a similar trajectory for this pair? A time when they looked at each other and said, “Uh oh!” Not that it matters really. Somewhere along the way they knew what was going down and kept it going for as long as they could. Now have to face the music as eventually, always is the case. It is simply “The Law of Cause and Effect” unfolding. Hopefully for them there will be less tragic endings than Bernie. It depends on how they handle what they have wrought! We’ll see.