Steven Seagal Charged with ICO Fraud (Feb. 28, 2020). The United States Securities and Exchange Commission (SEC) once again proved no one is above the law when it come to scamming its citizens out of their hard earned money.
Steven Seagal, the famed actor best known for his 1988 hit movie, “Above the Law” is now facing the wrath of the SEC for promoting initial coin offering (ICO) project, Bitcoiin2Gen.
SEC’s charges against Steven Seagal
According to filing, Seagal received $250,000 in cash, plus $750,000 worth of B2G tokens. However, the SEC charges are not a result of promoting B2G. They’re due to the fact that Seagal failed to mention he received compensation for recommending the project to his social media followers.
However, in Seagal’s response to the charges, he claimed to have received only $157,000 out of the promised $250,000.
Unlike others who have gone to prison for ICO fraud, Mr. Seagal uses his celebrity status to avoid doing time. Instead, he agrees to pay the SEC $330,000 in cash and an additional $16,000 in court fees.
Chief of the SEC Enforcement Division’s Cyber Unit, Kristina Littman said:
“Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation.”
What are your thoughts on Steven Seagal not going to jail for ICO fraud?