Rapper T.I. charged by SEC in cryptocurrency scam

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Barstool Sports founder and president Dave Portnoy discusses dipping his toe into cryptocurrency like bitcoin. Rapper T.I. has been charged by the Securities and Exchange Commission with promoting a fraudulent cryptocurrency offering.Continue Reading BelowThe regulator said in its complaint that T.I. — whose real name is Clifford Joseph Harris — sold cryptocurrency tokens using his Twitter account and encouraged his followers to invest in the 2017 FLiK initial coin offering. He also falsely claimed to be a part-owner, the agency said.IRS UPDATES CRYPTOCURRENCY TAX GUIDANCEThe SEC said the offering was a scam spearheaded by film producer Ryan Felton and, according to Mashable, Felton had promised to build “Netflix on the blockchain” but never delivered. T.I. gives a surprise performance during the “No Place Like Home” tour at Coca-Cola Roxy on January 19, 2020, in Atlanta. (Photo by Paras Griffin/Getty Images)Instead, Felton used money from investors to drive up the price of a second token, SPARK, which he also controlled, the SEC said. Proceeds from the scheme were used to buy Felton a Ferrari, diamond jewelry, a home, and unspecified “luxury goods,” the agency says in its complaint, filed in federal court in Atlanta.”FLiK’s promotional materials …

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