The Securities and Exchange Commission on Thursday announced settled charges against actor Steven Seagal for failing to disclose payments he received for promoting an investment in an initial coin offering conducted by Bitcoiin2Gen, or B2G.
The SEC’s order states that Seagal, 67, failed to disclose he was promised $250,000 in cash and $750,000 worth of B2G tokens in exchange for his promotions, which included posts on his public social media accounts encouraging the public not to “miss out” on Bitcoiin2Gen’s ICO and a press release titled “Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2Gen.”
Seagal now lives in Moscow.
The SEC settled its first charges for ICO promotion violations in November 2018 against professional boxer Floyd Mayweather Jr. and the music producer Khaled Khaled, known as DJ Khaled, for failing to disclose payments they received for promoting ICOs.
According to the SEC, a Bitcoiin2Gen press release also included a quotation from Seagal stating that he endorsed the ICO “wholeheartedly.”
From approximately Feb. 12, 2018, through March 6, 2018, Seagal touted on social media a security that was being offered and sold in the B2G ICO without disclosing that the issuer was paying him for the promotions.