The SEC Charged Rapper TI w/ SECURITIES FRAUD: He SNITCHED On Himself!

Rapper T.I. arrives at the Stevie Wonder birthday party in West Hollywood

Rapper Clifford Harris Jr., who performs under the name T.I., has settled charges with the United States Securities and Exchange Commission (SEC) related to his promotion of an initial coin offering (ICO).

Previous year in 2017, rapper T.I. joined other hip-hop rappers to launch the new up and coming thing, cryptocurrency, or in this case FLiK Tokens.

T.I.'s social media manager, William Sparks, Jr., was also selling FLiK tokens, using the rapper's social media accounts to do so.

Felton claimed to build a digital asset trading platform for Flix tokens and a digital trading platform.

The company's founder, a film producer, named Ryan Felton, who started FLiK and CoinSpark, is meanwhile facing claims that he misappropriated the raised funds to buy Ferrari, a million-dollar home, and other luxury goods.

The FLiK ICO raised about 539 ether (ETH), worth $164,665 at the time (late September 2018), while the CoinSpark ICO raised about 460 ether, worth about $282,418 in 2018, the SEC said in a separate complaint.

Felton's attorney Joshua Sabert Lowther said the Justice Department's allegations were "grossly misplaced" and that he looked forwarding to defending himself at trial. He was charged alongside movie producer Ryan Felton and two others.

The lawsuit also alleges that TIP and Felton hiked up the price of the FLiK Tokens once they got the money from the investors before they "dumped" their crypto-coins and then vanished. He was charged with violation of registration, anti fraudulent activities and federal security laws of anti-manipulation. SEC also alleged based on the language of the social media posts that T.I. even asked his celebrity friends to promote the Flix tokens.

The 39-year old rapper has agreed to pay the penalty of $75,000.

The case against Felton is criminal and is still being investigated by the Federal Bureau of Investigation.

The SEC’s investigation was conducted by Virginia M. Rosado Desilets and David H. Tutor, and supervised by John O. Enright, David A. Becker, Ms. Welshhans, and Cyber Unit Chief Kristina Littman.



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