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ARTICLE · 04 MARCH 2020

Actor Steven Seagal Settles With SEC Over Improper Endorsements

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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The SEC announced that it reached a settlement with actor Steven Seagal over charges that he failed to disclose payments that he received for promoting an investment in an initial coin offering conducted by Bitcoiin2Gen.

United StatesMedia, Telecoms, IT, Entertainment

The U.S. Securities and Exchange Commission announced that it reached a settlement with actor Steven Seagal over charges that he failed to disclose payments that he received for promoting an investment in an initial coin offering conducted by Bitcoiin2Gen. As part of the settlement, Seagal agreed to pay more than $300,000 to the SEC.

The SEC said that Seagal failed to disclose that he was promised $250,000 in cash and $750,000 worth of the company's tokens in exchange for his promoting the offering, which included posts on his public social media accounts encouraging the public not to "miss out" on Bitcoiin2Gen's initial coin offering. According to the SEC, "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."

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This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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