Court allows SEC to seek $200,000 from Steven Seagal over Bitcoiin2Gen token sale

A district court in New York has allowed the U.S. Securities and Exchange Commission (SEC) to seek $200,000 from Hollywood actor Steven Seagal for promoting the ICO of the cryptocurrency startup Bitcoiin2Gen. The information comes from Bloomberg.

In February 2018, Seagal became the brand ambassador for Bitcoiin2Gen and actively promoted the ICO campaign on social media. The startup raised $75 million. In early March 2018, the New Jersey Bureau of Securities halted the ICO to protect investors from possible fraud.

In February 2020, the SEC fined Seagal $314,000 for concealing the compensation he received from promoting the startup’s token sale and barred the actor from promoting securities for three years.

According to Bloomberg, he agreed to pay $330,000 but made only a single payment of $75,000, defaulted on the rest and stopped responding to calls.

Judge William Kuntz allowed the SEC to pursue collection of fines, penalties and interest through his representative. The latter has not yet commented on the court’s decision.

The publication notes that the actor currently lives in Moscow. In 2016 he obtained Russian citizenship in addition to American and Serbian.

In 2021, the SEC accused three Bitcoiin2Gen partners of fraud related to an $11.4 million ICO.

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