John DeMarr is accused of bilking hundreds of investors out of $11 million in a fake cryptocurrency scam. He advised them to invest in fake cryptocurrency Bitcoiin, took their money and spent it on a Porsche, jewelry and upgrades to his home. Actor Steven Seagal was hired to promote the scam, and was ordered last year by the Securities and Exchange Commission to pay a $157,000 penalty without admitting to any crimes. The FBI said this prosecution should serve as a warning to other would-be crypto-crooks.
Source: https://threatpost.com/crypto-crook-steven-segal-scam/163612/