The SEC Takes Action
The Securities and Exchange Commission (SEC) has taken legal action against renowned action star Steven Seagal for promoting an initial coin offering (ICO) without revealing that he was compensated for his endorsement. The Hollywood heartthrob has been ordered to cough up over $330,000 to the commission—proof that being an action figure doesn’t exempt one from the rules of finance!
Bitcoiin2Gen: The ICO in Question
In March 2018, Seagal became the face of the ICO project “Bitcoiin2Gen” (B2G). His task? To charm his social media followers and convince them to invest in this edgy digital currency, all while donning the title of a brand ambassador. Though the project graciously promised him $250,000 in cash and a whopping $750,000 in B2G tokens, the SEC’s announcement on February 27 stated that Seagal only received $157,000. Talk about a twist!
The Settlement
After being caught in this oversight, Seagal agreed to settle with the SEC, committing to pay roughly $330,000 back to the commission—a sum that includes double the amount he pocketed plus $16,000 in prejudgment interest. Apparently, even action heroes must take responsibility for mishaps, just like every regular Joe (or Jane) on the street).
Celebrities & Their Responsibilities
The SEC’s aim? To prevent influencers from bending the rules of securities disclosure. “Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation,” stated Kristina Littman, the Chief of the SEC Enforcement Division’s Cyber Unit. So, the next time you see a celebrity promoting a hot new ICO, you might want to check the fine print!
A Brief Look at Steven Seagal
Seagal isn’t just a man of action on screen; he’s also a character off the scene. Known for iconic films from the late 80s to the early 2000s like “Under Siege” and “Above the Law,” Seagal describes himself as a lifelong Buddhist. In 1997, he even claimed to hold the title of tulku, suggesting he’s the reincarnation of a Buddhist lama, leading the B2G project to dub him a “Zen master.” The irony, however, of a Zen master getting tangled in financial misconduct isn’t lost on anyone!
The Global Citizen
These days, Seagal calls Moscow home and has obtained both Serbian and Russian citizenship. In 2018, he took on the title of special envoy for the Russian government, tasked with the charmingly diplomatic job of promoting friendly relations with the U.S. But his friendship with controversial figures such as Chechen Republic’s strongman Ramzan Kadyrov raises eyebrows and makes you wonder if the zen of diplomacy is harder to master than martial arts.
