Steven Seagal Under Siege By SEC After Failing To Disclose Cryptocurrency Earnings
Does Seagal think he's Above the Law? (1988)
Action movie star Steven Seagal is currently On Deadly Ground (1994) with the SEC after the government agency found the actor--and reserve deputy chief in the Jefferson Parish, Louisiana Sheriff's Office--did not disclose his compensation for endorsing a cryptocurrency company in 2018.
The SEC was Out for Justice (1991) and Seagal agreed to pay $157,000 in disgorgement, according to The Hollywood Reporter. This neither confirms nor denies the allegations against the actor who is not Beyond the Law (2019). Seagal allegedly did not disclose the fact that he was promised $750,000 worth of Bitcoiin2Gen--along with $250,000 in cash--for his promotion of the cryptocurrency, when he made the Executive Decision (1996) to endorse it back in 2018.
SEC chief of the division of enforcement of cyber's unit, Kristina Littman responded with this statement: "These investors were entitled to know about payments Seagal received or was promised to endorse this investment so they could decide whether he may be biased. Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation."
Seagal's Code of Honor (2016) may have led him to delete his tweets regarding Bitcoiin2Gen when he was first promoting it, but there is still evidence the two had dealings with each other two years ago.
And in what could be considered one of the most bizarre press releases regarding cryptocurrency, Seagal felt very Out of Reach (2004) in the press release announcing his collaboration with the crypto-company. "As a Buddhist, Zen teacher, and healer, Steven lives by the principles that the development of the physical self is essential to protect the spiritual man. He believes that what he does in his life is about leading people into contemplation to wake them up and enlighten them in some manner. These are precisely the objectives of the Bitcoiin2Gen to empower the community by providing a decentralized P2P payment system with its own wallet, mining ecosystem and robust blockchain platform without the need of any third party."
In addition to paying the $157,000 in disgorgement, Seagal agreed not to promote securities for the next three years, according to the SEC, so there will be no trial nor Maximum Conviction (2012).
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