The U.S. Securities and Exchange Commission has charged T.I. with $75,000 for participating in fraudulent social media promotion of cryptocurrencies in 2017.
According to the reports, the ATL rap star has been ordered to pay $75,000 for promoting and selling coins for unregistered cryptocurrency via his IG and other social media accounts.
The SEC complaint alleges the rapper helped ATL-based film producer Ryan Felton and his two companies FLik and CoinSpark to raise funds which were later used by Felton for a $1 million home and a Ferrari instead of creating a streaming online platform as promised.
Rapper T.I. has been charged by the SEC for promoting a fraudulent Initial Coin Offering on his social media accounts: https://t.co/n5hUcN3Kix
— Alex Weprin (@alexweprin) September 11, 2020
T.I.’s spokesperson gave a statement to Complex saying:
“Mr. Harris regrets his involvement with Mr. Felton, he attempted to help a local entrepreneur who presented an innovative idea for a streaming online platform that would help reduce the barriers of entry for creators of music and video content. Regrettably, Mr. Felton apparently never built the platform he promised”
