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SEC permitted to collect unpaid ICO promotion fines from Steven Seagal

sec-permitted-to-collect-unpaid-ico-promotion-fines-from-steven-seagal

Steven Seagal still owes the US SEC for promoting a cryptocurrency initial coin offering (ICO).

Judge tells SEC they can collect unpaid ICO promotion fines

A federal judge in Brooklyn, New York, has revealed that US Securities and Exchange Commission can claim over $200,000 from actor Steven Seagal for failing to disclose he was being paid to promote a cryptocurrency.

Judge William Kuntz signed the order Friday, enabling the regulatory agency to go after the actor and collect the remaining fines, penalties and interest. The SEC can go through the actor’s business manager to try and collect the fees owed to the United States government.

This latest development comes after Seagal has agreed to pay $330,000, but the actor has so far only paid $75,000. Seagal now lives in Moscow and is yet to respond to the SEC’s repeated demands to pay the remaining fine. Seagal and his representatives were ordered to appear in court, but neither of them showed up.

The judge has now permitted the SEC to pursue the remainder of the funds through Seagal’s business manager.

Celebrities endorsed some ICO projects

ICOs were very popular a few years ago, especially during the bull run of 2017 and 2018. Thanks to the cryptocurrency market boom at the time, some celebrities endorsed some ICO projects, convincing their fans to invest in the projects. Some of the projects were scams, while some didn’t work out as expected.

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