Paper Trail: T.I. has been charged for promoting fraudulent cryptocurrency

No Mercy: SEC charges rapper T.I. over cryptocurrency scam

Clifford Harris Jr., the Atlanta-based rap artist much better referred to as T.I., accepted pay for a $75,000 fine to work out U.S. Securities as well as Exchange Commission declares that he contributed in advertising a deceitful as well as non listed preliminary piece offering. Surprisingly, it was all a ruse as the SEC claim that Felton took the money from FLiK and used it to drive up the price of a second ICO, CoinSpark.

T.I. has been caught in legal trouble.

The film producer, Ryan Felton, had been receiving ICOs from people as investments for a streaming service he said he was creating for a company called FLiK, as a digital-asset trading program for a company called CoinSpark. The SEC also claims that T.I. was not alone in his actions, getting his friends to do the bidding as well. The complaint alleged that Ryan racked in around $2.2 million after he dumped the tokens on the secondary market and vanished.

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"The federal securities laws provide the same protections to investors in digital asset securities as they do to investors in more traditional forms of securities, ” said Carolyn M. Welshhans, Associate Director in the Division of Enforcement".

Felton faces criminal charges of "violating registration, antifraud, and anti-manipulation provisions of the federal securities laws", according to a complaint filed in U.S. District Court for the Northern District of Georgia. T.I. reportedly promoted FLiK to his followers on social media, and claimed to be a co-owner of the company, which he is not.

The agency also charges T.I.'s social media manager William Sparks and two other Atlanta residents, Chance White and Owen Smith, of promoting SPARK tokens without disclosing they were promised compensation in return. The three men settled the case with the SEC and agreed to pay a penalty of $25,000 each alongside a five-year ban on their participation in any crypto-related activities. The charges against Felton are filled in the USA district court of North Georgia.

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