Actor Steven Seagal is fined with $314k

Actor Steven Seagal has been fined with $314k as he failed to tell his social media followers that he was being paid to endorse a bitcoin offering that he was promoting. That promotion allegedly included posts on his social media accounts, where he encouraged people not to ‘miss out’ on Bitcoiin2Gen’s initial coin offering.

In February 2018, a press release was also issued that was titled ‘Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2Gen’. It even included a quote from Seagal saying that he endorsed the initial coin offering ‘wholeheartedly’.

The SEC has also said that those who are using social media to encourage people to buy stocks and other investments legally should have disclose details about compensation that they receive for any endorsement. Besides, they also need to reveal the nature and scope of the compensation which they receive in exchange for the promotion.  

The securities regulator said Seagal, who agreed to give up $157,000 in ill-gotten gains will also pay another $157,000 as a penalty as he failed to disclose the payments.

Keith Hofmann

Keith Hofmann writes about bars, restaurants, men’s fashion, movies and health. Hofmann is a qualified cocktail bartender with a diploma from the European Bartender School and holds a degree in English Literature from the University of Westminster.

Recent Posts

Janhvi Kapoor shows her voluptuous look with a plunging neckline

Actress Janhvi Kapoor shared a few pictures on her Instagram and showed her sultry side.…

7 hours ago

Braeden Berry Releases New Single “I Didn’t Know”

Country music singer/songwriter Braeden Berry recently released his new single "I Didn't Know." You can listen to…

1 day ago

Surprising Ways to Increase Your Self Esteem

Self-esteem is a vital component of strong mental health. It is how you view yourself…

3 days ago

Shahrukh Khan takes internet by storm, looks menacing in a shirtless look

Bollywood Badshah Shahrukh Khan shares his picture from his upcoming film ‘Pathaan’ and flaunts his…

4 days ago

Do You Need to Shave Eyebrows Before Microblading?

Are you frustrated by how long it takes you to use makeup to perfect your…

6 days ago

MECCA back on the scene in L.A. singing at Delilah’s Jazz Night”

When first hearing Mecca’s voice I did not expect her to be so petite because…

6 days ago