RATE Group | Steven Seagal fined in US over cryptocurrency promotion
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Steven Seagal fined in US over cryptocurrency promotion

29 Feb Steven Seagal fined in US over cryptocurrency promotion

Posted at 13:50h in Cryptocurrency News by

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NEW YORK – US securities regulators announced they had fined actor Steven Seagal and suspended him from investment promotions over charges he hawked a cryptocurrency venture without disclosing compensation.

The “Under Siege” actor pitched the initial coin offering, Bitcoiin2Gen, on social media, urging followers not to “miss out” on a venture hailed as the “next generation of Bitcoin,” the Securities and Exchange Commission (SEC) said in an order.

But Seagal failed to disclose that he was promised $250,000 in cash and $750,000 worth of tokens in exchange for touting the investments to his 107,000 followers on Twitter followers and 6.7 million on Facebook.

READ: Action star Steven Seagal hit by harassment allegations

The actions flouted a securities law that requires people who publicise securities to disclose compensation, the SEC said.

“These investors were entitled to know about payments Seagal received or was promised to endorse this investment, so they could decide…

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