Creator of Mila Kunis-backed Stoner Cats series pays $1M to settle SEC charge
The would-be creator of an animated web series called Stoner Cats has agreed to pay a $1 million penalty after the Securities and Exchange Commission (SEC) formally charged it with offering unregistered crypto assets in the form of more than 10,000 NFTs. Stoner Cats 2 LLC (SC2) used the proceeds from its Stoner Cats NFTs — each priced at $800 — to fund the series centered around a group of felines that had been exposed to medical marijuana. The show featured big-name actors, including Mila Kunis (who also produced), Ashton Kutcher, and Chris Rock, and aired six episodes that were available only to those who had purchased the tokens. SC2 lured investors with a slick marketing campaign that talked up the company’s Hollywood credentials, its knowledge of the crypto market, and promises of hefty resale values. The firm also configured the project — which sold out in 35 minutes — to provide it with 2.5% royalty for each SEC ondary market transaction . Buyers eventually spent more than
