Entertainment & Sports,
Securities
Sep. 7, 2023
The pitfalls of celebrity shilling
Prior to FTX, the risks of celebrities endorsing companies were evident, with the U.S. SEC investigating and settling cases with celebrities for misleadingly promoting cryptocurrencies as early as 2017, leading to Chairperson Gary Gensler’s warning about disclosure requirements for such endorsements.
Celebrities beware! Now more than ever, you have a target on your back. The U.S. government and investors are watching you, listening to you, and reading anything and everything that you have ever posted. Any person or entity considering entering into a promotion or sponsorship agreement with a company, prior to initiating the promotion, should: (i) conduct adequate due diligence of the company that they are promoting; (ii) properly disclose all potential conflicts of...
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