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The SEC files a lawsuit against a fraudulent crypto project that has marketed a Hollywood star

 An old user in the cryptocurrency market remembers the years 2017 and 2018 and how they were characterized by the abundance of initial coin offerings (ICOs).

Where there was a diverse group of actors, athletes and music artists promoting and linking their names with these projects, including good projects and others without it.

Recently, the US Securities and Exchange Commission announced that it will continue to press its case against the participants in the fraudulent crypto project the name of the actor "Steven Seagal" was associated with.

According to a lawsuit from the US Securities and Exchange Commission (SEC) filed in the US District Court for the Eastern District of New York, three individuals who run Start Options and Bitcoiin2Gen have convinced small investors to fraudulently invest more than $ 11 million in digital currencies. And the products were much less than they claimed.

The founder, Christian Kerstik and Chief Supervisor, John DeMar, was running the company “Start Options”, which they were marketing as a platform for trading and mining cryptocurrencies, in addition to the company “Bitcoiin2Gen” that ran a digital currency of the same name which the SEC says is scam.

According to the complaint submitted by the Securities and Exchange Commission:

Dimar fraudulently embezzled at least $ 1.8 million for his own benefit, including the purchase of new cars and personal credit card debt.

Meanwhile, Kerstik received more than $ 9 million in investor money in fiat and digital currencies.

According to the same lawsuit, Kerstik withdrew from the fraudulent project in 2018 without returning investors' money.

Dimar called "Start Options" the largest Bitcoin trading platform in terms of volume and liquidity in Euros.

The third person named in the complaint is Robin Enos, who the SEC says received about $ 12,000 from Dimar to assist in the marketing efforts.

Actor “Steven Seagal” was fined by the “SEC” in February 2020 for marketing “Bitcoiin2Gen” without revealing that he received $ 157,000 in B2G to do so.

Steven Seagal promoted the “Bitcoiin2Gen” project in February 2018 as a way to empower the community by providing a decentralized P2P payment system with its own wallet, mining system, and powerful blockchain platform without the need for any third party.

Certainly, the end of the fraudulent project will not be different from the scenario of the disappearance of the project or the fall in the value of the currency to zero, which is what happened.

The "SEC" complaint seeks fines as well as an attempt to compensate affected investors and restraining measures against fraudsters.