Steven Seagal not ‘Above the Law’, the SEC says; pays $314,000 to settle charges
Brett Costello/Newspix/Getty Images(NEW YORK) — Actor and martial artist Steven Seagal is under siege again, this time from the Securities and Exchange Commission. The agency announced Thursday that the actor has agreed to pay over $300,000 for failing to disclose payments he received from a cryptocurrency company for promoting a Bitcoin investment.
At issue was Seagal’s touting on social media in February and March, 2018, that he was backing an “initial coin offering” as an investment — but without disclosing he was getting paid a total of a million dollars in cash and Bitcoin tokens by the company in exchange for his endorsement.
The SEC also announced the Above The Law star settled the case without admitting or denying the accusation.
The announcing the settlement, the SEC said Seagal agreed to pay $157,000 in disgorgement, which represents his actual promotional payments, plus prejudgment interest, and a $157,000 penalty.
In addition, Seagal agreed not to promote any securities, digital or otherwise, for three years.
Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit, said in a statement, “Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation.”
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