Action Star Steven Seagal Fined by the U.S. for Illegal Promotion of ICO in 2018

Action Star Steven Seagal Fined by the U.S. for Illegal Promotion of ICO in 2018

For Illegally promoting an initial coin offering (ICO) carried out in February 2018 by BitCoiin2Gen(B2G).

Seagal was unable to report $250 million in cash, and an additional $750,000 worth of B2G tokens in exchanges for the promotion of the ICO, according to a declaration issued by SEC.

His promotion included the “miss out” of Bitcoinn2Gen’s ICO and “Zen Master Steven Seagal Has become Bitcoiin2Gen’s brand ambassador.” his promotion included his social media followers.

The SEC information that one press released quoted Seagal saying he “wholeheartedly” backed the initial coin offering. The promotions came after, in 2017, the SEC warned that crypto-assets sold via ICOs could be securities, and after it advised that celebrities or other individuals who promote secure crypto-assets should “disclose the nature, scope, and amount of compensation” they receive for it.

Kristina Littman, CEO of the SEC Enforcement Division’s Cyber Unit, was quoted as saying that these investors were entitled or agreed to approve the investment so that they can determine whether or not it would be unfair about the compensation Seagal receives.

The release adds that, in addition to admitting or denying the SEC’s findings, Seagal has agreed to pay $157,000 in disruption, representing its true promotional payments, plus preconception interest and a $157,000 penalty. Littman also said the media will not influence the securities without appropriately disclosing their compensation.

Seagal also decided that no securities would be promoted for three years.

At the end of the release, the SEC added that its Investor Education and Advocacy Office cautioned investors against celebrities’ endorsements and sought out every investment opportunity independently.

Other celebrities, including boxing legend Floyd Mayweather, DJ and music production producer DJ Khaled, were charged with “illegally promoting” ICOs for failure to make public payments receivable to support the investments in the coin offerings.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.