Kim Kardashian has been fined AUD$1.5 million for not specifying that an Instagram post about cryptocurrency was in fact an advertisement, and while that may be a small price to pay for the business mogul, many fans have been curious if the lawsuit will affect her dreams of becoming a lawyer.
Kim was allegedly paid USD$250,000 to post an Instagram photo promoting EthereumMax tokens, however, she did not make it clear the post was sponsored.
Due to the strict guidelines in place, Kim, alongside Floyd Mayweather Jr, basketball player Paul Pierce and the creators of EtherumMax were all sued in January.
The group were accused of “misleadingly promot[ing] and sell[ing]” the cryptocurrency in a “pump and dump” scheme.
Now, Kim has been ordered to pay a hefty fine and not post any crypto ads for three years, as well as pay back any money or profits she may have made from the initial post.
“Ms. Kardashian is pleased to have resolved this matter with the SEC,” Kim’s lawyer said in a statement, via E! News.
“Kim Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter. She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits.”
Many fans were curious to know if the case could affect Kim’s attempts at becoming an attorney – and the answer is yes… but it’s unlikely.
Andrew Stoltmann, a professor of securities law at Northwestern University explained to E! News, “There is a character and fitness evaluation that everybody who wants to become a lawyer has to go through and they look for things like arrests, they look at things like being sued.”
“And this is a pretty significant issue for her. So, is it a potential speed bump to becoming a lawyer? Yes. Do I think it will preclude her from becoming a lawyer? No.”
This isn’t the first time Kim’s Instagram posts have been at the centre of a lawsuit, earlier this year she, Scott Disick and Kourtney Kardashian were all faced with a USD$40 million lawsuit for promoting a luxury giveaway.
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