The US Securities and Exchange Commission (SEC) have charged actor Stephen Seagal with failing to disclose payments he received to promote an investment in cryptocurrency scheme.
Seagal did not admit the SEC’s charge but agreed to pay $157,000 in disgorgement and a $157,000 penalty, according to the SEC.
In March 2018, the actor accepted an offer to promote Bitcoiin2Gen (B2G) investment project and encouraged users on his social media accounts to participate in B2G’s initial coin offering.
Seagal allegedly failed to disclose that he was promised $250,000 in cash and $750,000 in B2G tokens in exchange for his promotions.
The SEC has previously warned that coins sold in ICOs may be securities and therefore anyone who promotes them must disclose it.