(CNN) The Securities and Exchange Commission announced Thursday it had settled charges against actor Steven Seagal for failing to disclose payments for promotional work.

The "Above the Law" star was charged with promoting an investment in an initial coin offering (ICO) conducted by Bitcoiin2Gen (B2G).

According to the SEC, Seagal failed to disclose he was promised $250,000 in cash and $750,000 worth of B2G tokens for his work.

The promotions included posts on his social media accounts encouraging the public not to "miss out" on Bitcoiin2Gen's ICO, as well as a press release titled "Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2Gen."

The press release included a quotation from Seagal stating that he endorsed the ICO "wholeheartedly."

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