T.I. Charged With $75,000 For Fraudulent Cryptocurrency Promotion

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T.I. Charged With $75,000 For Fraudulent Cryptocurrency Promotion (T.I. image)

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.

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”


 

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