u.today
The US Securities and Exchange Commission (SEC) has just proved that Steven Seagal is, in fact, not above the law.
The securities watchdog has charged the Hollywood actor $300,000 as a penalty for illegally promoting an initial coin offering that was launched by Bitcoiin2Gen. More than half of the aforementioned sum came from his ICO gains.
"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."
Bitcoiin2Gen, which was ironically promoted as the very first 'self-sustaining coin,' is now worthless.
Seagal, who's known for such hit blockbusters as 'Above the Law' and 'Hard to Kill,' didn't inform investors that he was promised $1 mln worth of cash and B2G tokens to spread the word about the project.
The SEC empathizes must disclose their 'compositions' before promoting securities.