Steven Seagal is now facing charges from the Securities and Exchange Commission (SEC) over his promotion of an initial coin offering (ICO) back in 2018. He is now being ordered to pay back the commission of over $330,000 because he failed to disclose the amount he was paid for in the particular promotion.
SEC said in a statement this last February 27 that Seagal did not reveal the figure he received as payment for promoting the launching of the Bitcoin2Gen (B2G) token in February of 2018. Seagal was contracted by the ICO project to utilize his social media channels to boost sales as well as to represent as their brand ambassador in its marketing materials.
Seagal was promised $750,000 in B2G tokens alongside $250,000 cash. However, in a February 27, 2020 SEC disclosure, it has been revealed that he only disclosed $157,000 from that particular deal – a stark contrast on the initial figure that roughly equates to a million dollars.
According to the SEC, Seagal broke the anti-touting provisions enforced by the federal securities laws. He did not deny or admit any particular wrongdoing but has then agreed to pay $157,000 in disgorgement. This covers the actor’s promotional payments, a penalty amounting to $157,000 alongside prejudgment interest, according to SEC. Finally, he agreed not to promote any security for the next coming three years. All in all, Seagal is ordered to pay the commission over $330,000.
The Chief of the Enforcement Division’s Cyber Unit of SEC, Kristina Littman, stated that celebrities aren’t allowed to use their influence in social media to tout securities without adequately disclosing the figure they received for it.
Who is Steven Seagal?
Steven Seagal is famously known for his highly-acclaimed action films that were released between the later years of the 1980s up to the early 2000s. His most famous films include “Under Siege,” “Above The Law,” and “The Patriot.”
B2G project referred Seagal as a “Zen Master.” This is because he is a Buddhist that claims to have been awarded the title of ‘Tulku’ – the reincarnation of the Buddhist lama – back in 1997.
Seagal currently resides in Russia and has since acquired both Russian and Serbian citizenship. He became a special envoy of the government of Russia to encourage friendly relations with the United States.
He was also a special guest of the governor of the Chechen Autonomous Republic, Ramzan Kadyrov, back in 2013. Kadyrov is well known for his strongman attitude and human rights viola