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SEC has a long arm and never forgets - ZEN master payback
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SEC has a long arm and never forgets - ZEN master payback
in 28-02-2020
366 views

It looks like SEC is on the ball when it comes to clearing the backlog created by the insane ICO explosion few years ago. As we now know , most of them were pump and dump and few of them manage to get celebrities onboard. This is the case with ZEN Master and actor Steven Seagal. Ultimately, in my view , only legit cryptocurrency companies, like Oracol Xor, will survive. The story is very interesting and well laid down in Coin Telegraph. The Securities and Exchange Commission (SEC) has charged actor Steven Seagal for promoting an initial coin offering (ICO) without disclosing that he was paid for it. He was ordered to pay back over $330,000 to the commission. In March 2018, Steven Seagal was contracted by ICO project “Bitcoiin2Gen” (B2G) to promote the sale on his social media channels, as well as appearing as a brand ambassador in the project’s marketing materials.While he was promised $250,000 in cash and $750,000 in B2G tokens, the Feb. 27 disclosure by the SEC maintains that he only received $157,000 from his promotional deal. The actor agreed on settled charges with the commission, promising to pay approximately $330,000 to the commission. The sum corresponds to double the amount he received from the project, plus $16,000 of prejudgement interest. The SEC specifically targeted Seagal for failing to disclose that his endorsement of the project was paid for, which is a direct circumvention of its regulations."Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation," noted Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit.

Full story here: CoinTelegraph




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