Steven Seagal Settles With US SEC Over Cryptocurrency Promotion

Steven Seagal, the star of motion motion pictures together with Above the Law and Out for Justice, has agreed to pay $314,000 to resolve prices of “unlawfully touting” a cryptocurrency providing, the US securities regulator mentioned on Thursday. Seagal, 67, agreed to surrender $157,000 in ill-gotten positive aspects and to pay one other $157,000 as a penalty for failing to reveal funds he obtained for selling an funding in an preliminary coin providing from Bitcoiin2Gen (B2G), the Securities and Exchange Commission mentioned in an announcement.

The SEC has moved to clamp down on such promotions. The company mentioned in 2017 that social media endorsements from celebrities to encourage individuals to purchase shares and different investments could also be illegal if they don’t disclose particulars about compensation obtained.

Seagal, who didn’t admit to any wrongdoing, didn’t disclose that he was promised $1 million in money and B2G tokens in change for these endorsements, the SEC mentioned.

Representatives for Seagal didn’t reply instantly to requests for remark.

Seagal, a Hollywood actor and martial arts skilled who now lives in Russia, turned a “believer” in and “brand ambassador” for the cash, B2G mentioned in an announcement in February 2018. From about February to March 2018, Seagal promoted B2G to his Facebook and Twitter followers with statements together with “Don’t miss out.”

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“These investors were entitled to know about payments Seagal received or was promised to endorse this investment, so they could decide whether he may be biased,” mentioned Kristina Littman, chief of the SEC Enforcement Division’s cyber unit.

As a part of the deal, the actor has agreed to not promote any securities for 3 years.

Seagal is a US nationwide dwelling in Moscow, the SEC mentioned.

In August 2018, the Russia Foreign Ministry mentioned it had named Seagal its particular consultant for Russian-US humanitarian ties, a job it mentioned was meant to deepen cultural, artwork and youth ties between the 2 international locations.

President Vladimir Putin offered a Russian passport to Seagal in 2016, saying then that he hoped it might function a logo of how fractious ties between Moscow and Washington had been beginning to enhance.

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This post was last modified on February 28, 2020 10:19 am

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