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Kim Kardashian’s efforts to become a lawyer could face a “speed bump” after being fined by the SEC.
The 41-year-old star recently agreed to pay a $1.26 million fine for promoting the cryptocurrency EthereumMax on her Instagram page, which Northwestern University securities law professor Andrew Stoltmann said could hamper Kim’s career ambitions.
He explained: “Everyone who wants to be a lawyer has to go through a character and health assessment, they’re going to look for things like arrests, they’re going to look for things like being prosecuted.
“It’s a really important question for her. So, would being a lawyer be a potential speed bump? Yes. I think that’s going to stop her from being a lawyer? Nope.”
Kim passed baby bars in California last year, and she will have to disclose the fine “when she officially tries to become a lawyer.”
Andrew told E! News: “It might prevent her from getting a lawyer’s license. I don’t think so, but it could.”
Kim was fined for failing to disclose that he was paid for promoting EthereumMax on social media.
Andrew believes the fine could have implications for other celebrities and social media influencers.
“The SEC wants to make sure that when celebrities make investments, investors know if they’re getting paid,” he said.
“This is important because it affects the motivation of the referrer, because we tend to look at paid referrals differently.”
Andrew also dismissed claims the fines were too high.
The expert added: “I think she has to pay back the $250,000 paid to her to hype this cryptocurrency investment. Then there are the fines, the disgorgement [giving up illegally obtained profits], of interest. I think the SEC wants to stop other celebrities from doing similar things, and that’s why they fined them. “
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