CandleFocus SEC Unveils Plan to Compensate Investors in Mila Kunis' Stoner Cats
2024-11-23
Author: Content Editor
The SEC plans to distribute funds collected from Stoner Cats 2 LLC, the company behind the Mila Kunis-backed animated web series, to compensate investors after it conducted an unregistered sale of non-fungible tokens (NFTs). The company sold 10,320 NFTs to the public, generating $8.2 million in proceeds. The SEC determined that the offering violated federal securities laws and fined the company $1 million. Eligible investors who held or sold the NFTs before September 12, 2023, can file claims and receive compensation from a $1 million Fair Fund. The SEC's order highlighted that the marketing campaign for Stoner Cats emphasized potential profits, misleading investors. The proposed plan for fund distribution is available for public comments for 30 days.
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