Sun. Aug 7th, 2022

Aging, Has Been B-Movie star Steven Seagal has been fined by the SEC for promoting a cryptocurrency scam in the US. Celebrity influencers are being used to promote crypto-currency and currency trading which turn out to be scams. Many older stars that have lost their shine want to stay in the public eye and are willing to endorse anything from home products to financial investment. These celebrities often have a large fan following on social media – an opportunity seized on by con-artists to cast a wide net for potential victims.

CNN reported that:

The “Above the Law” star was charged with promoting an investment in an initial coin offering (ICO) conducted by Bitcoiin2Gen (B2G). According to the SEC, Seagal failed to disclose he was promised $250,000 in cash and $750,000 worth of B2G tokens for his work.

The promotions included posts on his social media accounts encouraging the public not to “miss out” on Bitcoiin2Gen’s ICO, as well as a press release titled “Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2Gen.”

SEC Press Release

A press release from the Securities & Exchange Commission released yesterday said:

The SEC’s order finds that Seagal violated the anti-touting provisions of the federal securities laws. Without admitting or denying the SEC’s findings, Seagal agreed to pay $157,000 in disgorgement, which represents his actual promotional payments, plus prejudgment interest, and a $157,000 penalty. In addition, Seagal agreed not to promote any securities, digital or otherwise, for three years.

Seagal agreed to give up $157,000 in ill-gotten gains and to pay another $157,000 as a penalty for failing to disclose payments he received for promoting an investment in an initial coin offering from Bitcoiin2Gen (B2G).

No Wrongdoing

Seagal, who did not admit to any wrongdoing, failed to disclose that he was promised $1 million in cash and B2G tokens in exchange for his endorsements. Those included posts on social media telling people not to “miss out” on the offering, the SEC said.

Authorities for the New Jersey securities regulator have also hit Seagal with charges of fraudulently offering an unregistered security.

In other celebrity scams investors seem to listen without thinking. Did you really think that Hollywood stars like Jamie Foxx and sports stars like Floyd Mayweather wake up some days and decide to give away Bitcoin, Ethereum or any of the other popular altcoins?

By Gerelyn