August 28, 2021

Court allows SEC to recover $200,000 from Steven Seagal for Bitcoiin2Gen tokensale

Court allows SEC to recover $200,000

A district court in New York has allowed the U.S. Securities and Exchange Commission (SEC) to seek recovery of $200,000 from Hollywood actor Steven Seagal for advertising the ICO of cryptocurrency startup Bitcoin2Gen. This was reported by Bloomberg.

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

In February 2020, the SEC fined Segal $314,000 for concealing rewards received from the startup's token-sale promotion and barred the actor from participating in the securities promotion for three years.

According to Bloomberg, he agreed to pay $330,000, but made only one payment for $75,000, defaulting on the remaining payments and failing to make contact.

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

As the publication writes, the actor now lives in Moscow. In 2016, he received Russian citizenship in addition to American and Serbian.

Recall, in 2021, the SEC accused three partners of Bitcoiin2Gen of fraud for $11.4 million in the ICO.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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