Actor Steven Seagal must pay ICO promotion fines: US judge

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One of the world’s most popular action film actors has to pay the full fine for promoting an ICO for digital currencies, a US federal judge ruled. Steven Seagal got into trouble for promoting Bitcoiin2Gen’s ICO, and although he agreed to pay fines in excess of $ 300,000, he has since moved to Russia and stopped paying.

The veteran actor caught the ire of regulators when he started Bitcoiin 2. What he didn’t mention was that he received $ 250,000 in cash and three times the amount in B2G tokens.

The US Securities and Exchange Commission would later crack the whip and indict him for it. The case, like many others prosecuted by the Securities Commission, eventually ended in a settlement. Seagal agreed to pay $ 157,000 in disgorgement and a similar amount in penalties.

According to a Bloomberg report, Seagal initially paid the SEC $ 75,000 and promised to pay the rest immediately. However, this was the only payment he would end up making.

The 69-year-old actor has since moved to Russia, where President Vladimir Putin had granted citizenship by decree a few years earlier.

Now US District Judge William Kuntz has signed an order that allows the SEC to prosecute the actor and collect the remaining fines and penalties, including interest. SEC attorney Maureen King told the court that the guard dog tried unsuccessfully to contact the actor.

Judge Kuntz allowed the SEC to deliver the papers to Seagal’s executive director after the actor and his attorneys failed to appear in court as instructed on Friday.

Bitcoiin2Gen was a Ponzi scheme masquerading as a staking platform, promising substantial profits to B2G token holders. The SEC has also cracked down on the three founders of the Ponzi program to siphon off illicit profits and pay pre-trial interest.

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