Actor Steven Seagal was fined more than $300,000 by the SEC for failing to disclose payments he received for promoting an investment in a cryptocurrency initial offering, the SEC said.

The actor, who resides in Moscow, agreed to the fines in a settlement with the agency, which charged that from about February through March 2018, Seagal touted a security that was being offered and sold in an initial coin offering (“ICO”) without disclosing that the issuer was paying him for the promotions, according to the SEC complaint.

The complaint said Seagal promoted an ICO by Bitcoiin2Gen, an international online company that was offering a crypto currency called B2G tokens. The company described B2G tokens as “the next generation of Bitcoin,” the SEC said.

The SEC's order found that Seagal failed to disclose he was promised $250,000 in cash and $750,000 worth of B2G tokens in exchange for his promotions, which included posts on his social media accounts encouraging the public not to “miss out” on Bitcoiin2Gen's ICO and a press release titled “Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2Gen.” A Bitcoiin2Gen press release also included a quotation from Seagal stating that he endorsed the ICO “wholeheartedly,” the SEC said.

B2G’s marketing materials stated that the company was conducting an ICO to raise capital to build an “ecosystem” that would allow users to trade B2G tokens “on a secure, comprehensive platform,” the complaint said. Participants in the ICO invested Bitcoin, U.S. dollars and euros, or made payments via credit card in exchange for B2G tokens, the SEC said.

Seagal had about 107,000 Twitter followers and 6.7 million Facebook followers at the time of he used his social media accounts for the promotions, the SEC said. He allowed his likeness to be used on the ICO issuer’s official website and marketing materials, and participated in a webinar with potential investors in the ICO in exchange for payments from the issuer, the SEC said.

The SEC's charged Seagal with violating the anti-touting provisions of the federal securities laws. Without admitting or denying the SEC's findings, Seagal agreed to pay $157,000 in disgorgement, which represents his actual promotional payments, plus prejudgment interest, and a $157,000 penalty, the SEC said. In addition, Seagal agreed not to promote any securities, digital or otherwise, for three years, the SEC said.

The SEC said its investigation is continuing.