Pale Hollywood action star Steven Seagal has agreed to shell out $314,000 to settle expenses from the Securities and Exchange Fee that he violated anti-touting provisions of federal securities laws.

The SEC claimed Seagal, whose films included “Above the Law”and “Out for Justice,” did not disclose payments he gained for promoting an financial investment in an first coin presenting carried out by Bitcoiin2Gen.

Regulators claimed Seagal was promised $250,000 in cash and $750,000 worthy of of B2G tokens for his get the job done as a model ambassador. He agreed to shell out $157,000 in disgorgement and a $157,000 penalty. He also agreed not to boost any securities, electronic or or else, for a few years.

Seagal, in his settlement, neither admitted nor denied wrongdoing.

“These investors were entitled to know about payments Seagal gained or was promised to endorse this financial investment so they could determine no matter if he may be biased,” Kristina Littman, chief of the SEC enforcement division’s cyber device, claimed in a assertion. “Celebrities are not allowed to use their social media influence to tout securities without the need of appropriately disclosing their compensation.”

The expenses from Seagal had not been formerly disclosed.

A push launch from Bitcoiin2Gen issued March 26, 2018, thanked Seagal for his help all through the ICO time period and claimed the cryptocurrency was starting to be, “a genuinely anonymous cryptocurrency with no person or persons owning control around the entity!” On March 7, 2018, the New Jersey Bureau of Securities had entered a stop and desist purchase from Bitcoiin2Gen alleging that it was fraudulently promoting unregistered securities.

Boxer Floyd Mayweather and socialite Paris Hilton are among the the celebrities who have publicly touted cryptocurrencies. Regulators have warned that these types of endorsements could be unlawful if they are unsuccessful to disclose compensation. Mayweather and songs producer DJ Khaled have been fined for unlawfully touting cryptocurrencies.

Sergei FadeichevTASS by means of Getty Pictures

Bitcoiin2Gen, cryptocurrency, Steven Seagal, tokens