In early 2018 Bitcoiin, to not be confused with bitcoin, launched its B2G pump and dump altcoin scheme.
In an try and differentiate themselves from the plethora of MLM shitcoin Ponzi schemes on the market, Bitcoiin employed Steven Seagal as its Model Ambassador.
On Wednesday, the SEC introduced it had issued Seagal with a proper stop and desist.
Bitcoiin itself was an unremarkable MLM Ponzi scheme.
BehindMLM revealed it’s Bitcoiin evaluate in February 2018.
In March 2018 three important occasions occurred:
- New Jersey issued Bitcoiin with a securities fraud stop and desist on March seventh
- Tennesee issued a Bitcoiin securities fraud warning on March twenty third
- Bitcoiin collapsed on March twenty seventh
To this point no person has been held accountable for Bitcoiin’s collapse. Losses have been pegged at over $75 million {dollars}.
The SEC allege Seagal did not disclose he was paid to advertise Bitcoiin’s B2G ICO.
Seagal promoted Bitcoiin to his Twitter and Fb followers.
He did this in trade for $250,000 in money and $750,000 value of B2G tokens.
Of the $250,000 promised nevertheless, Seagal finally solely acquired $157,000.
Seems along with their traders, Bitcoiin’s admins weren’t above scamming their shills both.
Quite than defend the SEC’s allegations of securities fraud, Steven Seagal opted to settle for
- $157,000 in disgorgement;
- $16,448 in prejudgment curiosity; and
- one other $157,000 paid as a civil advantageous.
Seagal can be prohibited from endorsing securities choices of any variety for 3 years.
Final July Seagal emerged because the new superstar spokesperson Skyway Capital.
On the time Skyway Capital was busy selling CryptoUnits… one other, you guessed it, MLM shitcoin Ponzi scheme.
Skyway Capital has since developed from CryptoUnits. The fraudulent funding scheme continued beneath NEEW, nevertheless Skyway only in the near past introduced it was exit-scamming NEEW traders.
Seagal’s Skyway promo video continues to be on the corporate’s official YouTube channel. Whether or not he’s nonetheless endorsing the corporate nevertheless is unclear.
Replace twentieth August 2022 – Steven Seagal’s Skyway Ponzi promo video has been marked personal.
This text initially contained a hyperlink to the video however, on account of Skyway taking the video down, I’ve disable the hyperlink.