- Chair of SEC slammed for taking credit for the Kardashian case.
- Those who worked with the case were not around when Gensler presented the case.
- The top cop was believed to be seeking publicity to boost his resume for a bigger job under the Biden admin.
Gary Gensler, chairman of the US Securities and Exchange Commission, was accused by numerous members of SEC’s enforcement staff of seeking public attention for charging billionaire influencer Kim Kardashian.
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According to the published article by FOX Business, the attorneys who brought the case were rattled by how Wall Street’s top cop solely took credit for this case on national television. Adding that the SEC’s chair exaggerated its “importance to gain publicity for himself.”
On Monday, the SEC fined Kardashian $1.26 million for being unable to disclose that she was paid $250,000 to promote crypto security offered by EthereumMax. Some Twitter users also slammed the SEC on how they failed to detect the most significant fraud that abolished more than $1 trillion from most small investors, such as Terra’s and Celsius’ earlier this year, as per an article by Fortune crypto.
In the past, SEC employees said that SEC chairs would hold press conferences alongside some of their enforcement staff upon announcing high-profile cases. However, Kardashian’s name, which is expected to bring more public attention, prompted Gensler to individually hold a “well-timed national TV appearance,” and posts a YouTube video from his channel without the presence of the lawyers who worked the case, furious enforcement employees said.
“He is merely trying to keep small investors informed about potential frauds and risky investments in crypto that are touted increasingly by celebrities,” commission staff said, believing that Gensler is boosting his resume for a higher position in Biden’s administration. In particular, when Treasury Secretary Janet Yellen leaves this year’s midterms.
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