Actor Steven Seagal has entered into an agreement with the SEC after being indicted for his role in promoting a fraudulent ICO in 2018. The regulator issued a statement outlining that Seagal has violated anti-sale provisions of federal securities laws.
He agreed to pay a fine of $ 157,000, without admitting or denying any crime.
The amount represents the payments received by the actor for the promotion of the Bitcoiin2Gen project and the costs. Seagal also agreed not to promote any securities for three years.
The SEC stated that Seagal did not disclose the payments received in exchange for promoting the Bitcoiin2Gen (B2G) token in February 2018. The Start Options firm, which was behind the project, offered $ 250,000 in cash and $ 750,000 in B2G tokens in exchange for its services. ICO promotion.
Promoting a fraudulent ICO among fans
These included posts on social media through which Seagal invited his fans not to “miss” the investment. He also issued a press release: “Zen Master Steven Seagal has become the ambassador of the Bitcoiin2Gen brand.”
Seagal was further quoted in a B2G press release, stating that he supports the “wholehearted” ICO.
“These investors were entitled to know about the payments Seagal received or were promised that they would support this investment, so they could decide if it could be biased,”
said Kristina Littman, head of the Cyber Section of the SEC Enforcement Division.
“Celebrities are not allowed to use their influence from social media to capitalize on securities without properly disclosing their compensation.”
Bitcoiin2Gen has proven to be a pyramid scheme, based on its marketing strategy. The SEC continues its investigations into the project.
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