Steven Seagal Charged In Bitcoin Case By the SEC

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Mr Seagal - who was made famous by 1980s films such as Above the Law - was rapped by United States regulators for his role in an initial coin offering or ICO, a high-risk form of crowdfunding using digital currencies similar to Bitcoin.

Steven Seagal has agreed to pay $314,000 to the Securities and Exchange Commission to settle charges related to a bitcoin offering that the actor touted on his social media channels.

The SEC found the action-movie star, whose films include "Above the Law" and "Code of Honor", failed to disclose he was promised $250,000 cash and $750,000 worth of Bitcoiin2Gen tokens to promote the ICO, which was conducted six months after the agency warned digital tokens could be considered securities.

Seagal, who posted on social media about the ICO and issued a press release telling investors not to "miss out" neither admitted nor denied the SEC's findings.

Kristina Littman, Chief of the SEC Enforcement Division's Cyber Unit says that investors of the cryptocurrency deserved to know about the payments that Seagal was receiving.

In addition to the fine, Seagal has agreed not to promote any securities for three years.

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The women accused Seagal of assaulting them in 2002 and 1995.

The cryptocurrency promotion by the 67-year-old martial arts expert, who has ab Asian connection after moving to Japan, violated anti-touting provisions of federal securities laws.

USA actor Steven Seagal watches the Victory Day parade, marking the 73rd anniversary of the victory over Nazi Germany in World War Two, at Red Square in Moscow, Russia May 9, 2018. The coin company said in late March 2018 that Seagal's brand ambassador gig had come to an end after it got a cease-and-desist order from New Jersey securities regulators. Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion.

Seagal will pay $157,000, which the SEC said was the amount he received from B2G, plus a penalty of $157,000.

Seagal isn't the only celebrity that has been charged by the SEC for unlawfully touting ICOs.

Seagal now lives in Moscow, Russia, and he acquired both Serbian and Russian citizenship.

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