SEC Accuses Bitcoiin2Gen Executives of Fraudulent $11.4 Million ICO

SEC Accuses Bitcoiin2Gen Executives of Fraudulent $11.4 Million ICO

The SEC has filed charges against three executives of the closed cryptocurrency firm Bitcoiin2Gen for defrauding investors of $11.4 million through the B2G ICO, which was advertised by actor Steven Seagal.

According to the US Securities and Exchange Commission (SEC), the founder of Bitcoiin2Gen and Start Options, Kristian Krstic, and the company’s promoter, John DeMarr, allegedly violated federal securities laws during the collection of money through the ICO in 2018, and the firm’s partner, Robin Enos, ” engaged in aiding and abetting.”

DeMarre also faces fraud charges as part of another lawsuit filed on Monday. The defendants promised to distribute the B2G token to Bitcoiin2Gen investors, which, according to the SEC, never existed. They distributed misleading pamphlets to 460 investors who were promised a” mined “and” sold ” digital token.

Bitcoiin2Gen also made a bid for actor Steven Seagal, whom Krstic and DeMarr presented as a “brand ambassador”. Segal was not charged in the latest lawsuit – last February, the SEC already fined the actor $330,000 for promoting the ICO Bitcoiin2Gen in 2018.

Recall that last week, a San Francisco resident received six months in prison for defrauding ICO investors of $20 million, and in December, the firm Tierion agreed to pay the SEC a fine of $250,000 for conducting an illegal ICO.