The SEC has filed charges against three executives of the closed cryptocurrency firm Bitcoiin2Gen of defrauding investors for $ 11.4 million through a B2G ICO advertised by actor Steven Seagal.
According to a statement from the US Securities and Exchange Commission (SEC), Bitcoiin2Gen and Start Options founder Kristijan Krstic and company promoter John DeMarr allegedly violated federal securities laws while raising money through ICOs in 2018. and the firm’s partner, Robin Enos, was “aiding and abetting.”
DeMarr also faces fraud charges in another lawsuit filed Monday. The defendants promised to distribute a B2G token to Bitcoiin2Gen investors, which the SEC claims never existed. They distributed misleading brochures to 460 investors who were promised a “minable” and “sellable” digital token.
Bitcoiin2Gen also relied on actor Steven Seagal, whom Krstic and DeMarr introduced as the “brand ambassador”. Seagal has not been charged in the latest lawsuit – the SEC already fined the actor $ 330,000 last February for promoting the Bitcoiin2Gen ICO in 2018.
Recall that last week a San Francisco resident received six months in prison for defrauding ICO investors for $ 20 million, and in December, Tierion agreed to pay the SEC a $ 250,000 fine for conducting an illegal ICO.
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