Rapper T.I. charged by the SEC for promoting a fake cryptocurrency.
Atlanta – GA: Sept. 13, 2020 – Actor, rapper, and entrepreneur Clifford Joseph Harris famously known as T.I. agreed to pay 75,000 dollars to the Securities and Exchange Commission for promoting a fraudulent cryptocurrency offering.
According document published by the SEC, Rapper T.I. allegedly using his twitter account to promote and sell a cryptocurrency token called FLIK to his fans on the social media platform. The cryptocurrency token was a scam created by Ryan Felton, a movie producer, in 2017 that never delivered on the promises made. There was never a FLIK platform as promoted to the fans or consumers, the SEC said.
Ryan Felton and three other individuals from Atlanta, Georgia, who names are retracted, have been also charged by the SEC. Each of those individuals have promoted one of Felton’s two unregistered and fraudulent initial coin offerings (ICOs). According to a press release by the SEC, aside from Felton, all of the individuals including T.I have agreed to settlements to resolve the charges against them.
As part of the settlement, T.I accepted to do not participate in any digital asset sales for the next five years.