Actor Steven Seagal Fined by SEC for Illegal Promotion of ICO

Famous actor Steven Seagal has been charged $314,000 by the Securities and Exchange Commission (SEC) this Thursday due to “unlawfully touting” an investment in a cryptocurrency project.

Seagal had promoted the project, stating that followers should get in on the Bitcoiin2Gen (B2G) project ICO as soon as they can. However, the actor had failed to disclose the $250,000 cash and $750,000 worth of B2G he was paid to promote the project.

Speaking on the matter is Kristina Littman, head of the Cyber Unit at the SEC’s Enforcement Division, who said:

“These investors were entitled to know about payments Seagal received or was promised to endorse this investment so they could decide whether he may be biased.”

Had Seagal simply disclosed his compensation, there wouldn’t have been an issue. Most celebrities disclose information like this by adding “#ad” to their tweets or other social media posts.

Celebrity-issued cryptocurrency scams are nothing new, though they often aren’t a willful means of doing so. Instead, most celebrities are unsure of the projects they’re promoting, especially in the case of confusing blockchain and cryptocurrency technology.

That said, as the industry has become more widespread and the world more aware of the potentially scammy nature of projects within the space, such promotions have been seen less and less as time has gone on.