Advertisement

cryptoware banner

Famous actor & rapper T.I charged by SEC due to involvement in crypto scam

Famous actor & rapper T.I charged by SEC due to involvement in crypto scam
  • The securities and exchange commission in the United States has recently just settled charges with the rapper and actor, Clifford Joseph Harris Junior, otherwise known as T.I. 
  • The reason for this is due to security violations in regards to an initial coin offering that the rapper, as well as other people, had promoted in 2017. 

The securities and exchange commission in the United States has recently just settled charges with the rapper and actor, Clifford Joseph Harris Junior, otherwise known as T.I. The reason for this is due to security violations in regards to an initial coin offering that the rapper, as well as other people, had promoted in 2017. 

In 2017, initial coin offerings were all the rage and whereas many of them were legitimate business products, several offerings were fraudulent ways for people to make a quick buck. 

You have to remember that this was during a time where celebrities, just like T.I, were promoting these products that’s right and centre due to their hype and popularity.

The securities commission released an announcement on Friday I said that the Atlanta based film producer, Ryan Felton had misappropriated funds raised from two of these coin offerings. This included FLiK and CoinSpark, that he controlled.

“The SEC’s complaint alleges that Felton promised to build a digital streaming platform for FLiK, and a digital asset trading platform for CoinSpark. Instead, Felton allegedly misappropriated the funds raised in the ICOs.”

On top of this, the commission has suggested that Felton had made more than $2 million in profit due to this venture.

Felton and T.I were allegedly a part of the same scheme in the unregistered and fraudulent ICO.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

You can share this post!

Advertisement