In February this year, Hollywood actor Steven Seagal reached a settlement agreement with SEC, which accused him of unlawful promotion of the Bitcoiin2Gen (B2G) ICO. The action star served as a brand ambassador of the company and encouraged the public to invest in the B2G ICO. Seagal agreed to pay a total of $330,448 monetary judgment including $157,000 in disgorgement plus $16,448 prejudgment interest and a $157,000 penalty to resolve the Commission’s charges against him.
The SEC’s Division of Enforcement has been very aggressive in its efforts to deter wrongdoings and sanction or impose penalties against individuals and entities who violate securities laws. Its actions against securities law violators are critical to protecting investors and maintaining confidence in the U.S. securities markets.
This year, the COVID-19 pandemic brought challenges to the Commission in bringing enforcement actions against entities and individuals who committed misconduct. However, it is noteworthy that it recorded an unprecedented achievement this 2020. Its Enforcement Division collected around $4.68 billion in penalties and illegal income this year.
