Posted 9/13/2023, 3:34:00 PM
SEC Fines Stoner Cats NFT Creators $1M for Illegal Securities Offering
- SEC alleges Stoner Cats NFTs were illegally offered as unregistered securities
- Company behind web series raised $8M from selling 100K NFTs in 2021
- SEC says company promoted NFTs as investment vehicles tied to show's success
- Company agrees to $1M fine, destroying remaining NFTs, reimbursing investors
- Stoner Cats is animated web show featuring voices of Mila Kunis and others
- This follows previous SEC enforcement actions against NFT makers