The SEC Still Demands Steven Seagal Pays Crypto Fine despite Moving to Russia

Famous actor Steven Seagal is in trouble with U.S. (SEC) for failing to pay his total fine for illegally touting an ICO.

The celebrity settled the cryptocurrency fraud case in February 2020. And agreed to pay disgorgement amounting to $330K. However, according to SEC lawyer Maureen Peyton King, Seagal only made one $75,000 payment. More so, he has yet to clear the rest of the fine.

The Hollywood star moved to Moscow in 2016 after president Putin granted him Russian citizenship. The SEC claims that the actor has been ignoring any attempts by the agency to contact him.

Steven Seagal Still On the Hook for Unpaid Crypto Fine

The SEC recently won a judgment against Seagal. However, the actor has been using his residency abroad to ignore court orders to pay his crypto fine. On August 27, a U.S. District Court judge ruled that the 90s actor must pay $157,000, along with interest and penalties for the delayed settlement.

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The judge unleashed the SEC to pursue all means to collect the unpaid balance, including going through the actor’s business manager. Failure for Seagal to comply within 30 days could force the court to enforce the Judgment through other remedies available under U.S. law.

During the hearing, the agency explained that they had experienced payment struggles with Steven Seagal and his representatives for months.

The “Under Siege ” actor is under fire for failing to disclose payments of up to $250K in cash. Furthermore, he has to pay $750K in tokens for shilling an ICO for Bitcoiin2Gen. The project has long been exposed as a scam run by Serbian nationals who defrauded investors out of more than $11M.

The former U.S. Policeman actively endorsed the ICO and received pay for attracting over 500 investors. The latter invested on the actor’s promise of huge returns.

SEC Cracks Down on Bitcoiin2Gen Promoters

The Bitcoiin2Gen scam emerged during the ICO craze of 2018, promising gains of up to 200% within three months. The SEC has since shut down the operation and is actively pursuing promoters of the scheme.

Back in February, U.S. law enforcement officers arrested and charged a California resident named John DeMarr. He’s arrest began from his role in coordinating the crypto fraud. The police arrested him along with two other executives who helped defraud investors out of millions.

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On July 30, the defendant pleaded guilty to a conspiracy to commit securities fraud charge. He faces up to five years behind bars.