RATE Group | US SEC out for justice over Steven Seagal’s cryptocurrency marketing – Finance – Network…
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US SEC out for justice over Steven Seagal’s cryptocurrency marketing – Finance – Network…

27 Feb US SEC out for justice over Steven Seagal’s cryptocurrency marketing – Finance – Network…

Posted at 20:09h in Cryptocurrency News by

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Steven Seagal, the star of action movies including “Above the Law” and “Out for Justice,” has agreed to pay US$314,000 to resolve charges of “unlawfully touting” a cryptocurrency offering, the US securities regulator said on Thursday.

Seagal, 67, agreed to give up US$157,000 in ill-gotten gains and to pay another US$157,000 as a penalty for failing to disclose payments he received for promoting an investment in an initial coin offering from Bitcoiin2Gen (B2G), the Securities and Exchange Commission said in a statement.

The SEC has moved to clamp down on such promotions. The agency said in 2017 that social media endorsements from celebrities to encourage people to buy stocks and other investments may be unlawful if they do not disclose details about compensation received.

Seagal, who did not admit to any wrongdoing, failed to disclose that he was promised US$1 million in cash and B2G tokens in exchange for those endorsements, the SEC said.

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