Hollywood actor Steven Seagal reached a settlement agreement with the Securities and Exchange Commission (SEC), which accused him of unlawful promotion of an initial coin offering (ICO).
According to the SEC, Seagal served as the brand ambassador of Bitcoiin2Gen (B2G), an international online company that aims to become more superior and advanced than the original version of bitcoin.
The federal securities regulator found that Seagal encouraged the public to invest in B2G ICO between February and March 26, 2018. He specifically promoted the ICO on his social media accounts. A Bitcoiin2Gen press release included a quotation from the actor stating; “I endorse this opportunity wholeheartedly…. I am excited about the management, and especially about the secure blockchain, underlying mining technology, and safeguards.”
Seagal violated the anti-touting provisions of the federal securities laws
Additionally, the SEC found that Bitcoiin2Gen paid $250,000 in cash and $750,000 worth of B2G tokens to Seagal for endorsing the ICO. The actor failed to disclose the payment he received for his promotions, a violation of the anti-touting provisions of the federal securities laws.
