InsideBitcoins.com

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend.