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Monday, September 14, 2020

SEC Charges T.I. For Alleged Cryptocurrency Fraud

The homie T.I. is facing charges from the Securities and Exchange Commission for promoting a fraudulent cryptocurrency offering.
The complainant states that Clifford Harris used his Twitter account to sell cryptocurrency tokens and encouraged them to make investments into the 2017 FLiK coin offering. Made a false claim to be part owner, the agency stated.  

Film producer Ryan Felton is said to be the one who spearheaded the scam by the SEC and according to Mashable, he never delivered on his promise to build "Netflix on the blockchain".

He used the money to drive up the price for a second token instead, SPARK, which he also controlled said the SEC. He then used proceeds from the scam to by a home, some diamond jewelry, unspecified luxury goods, and a Ferrari in a complaint the agency filed in federal court in Atlanta. 

"FLiK promotional materials further tokens would be redeemable on the FLiK platform for increasing amounts over the first year, with each FLiK redeemable for $3.99 after the first 3 months, $9.99 after 12 months and $14.99 after 15 months" stated the SEC."No FLiK platform ever existed."

"T.I. also asked celebrity friend the FLiK ICO on social media and provided language for posts referring to FLiK as TI's new venture" the agency noted.

Harris agreed to pay out the $75,000 in the settlement without admitting to any wrongdoing. He also has to sit out for the next five years as it pertains to similar digital asset security sales. 

Earlier this year, actor Steven Seagal agreed to pay $334,000 for failing to disclose he was paid to promote a coin offering as well.


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