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Aaron Grech September 15th, 2020 – 6:21 PM
T.I. has settled his charges with the Securities and Exchange Commission (SEC), which alleged that he helped promote a fraudulent cryptocurrency. The rapper, whose real name is Clifford Harri, agreed to pay a $75,000 fine and agreed not to market or sell similar securities for the next five years.
The SEC alleged that Harris used his social media profiles to promote the cryptocurrency FLiK, which he allegedly and falsely claimed to be a co-owner of, and allegedly asked an unnamed actor and comedian to promote the currency. Both of these alleged actions are against federal laws which prevent the sale of securities without registering with the SEC.
These charges were part of a larger investigation against film producer Ryan Felton, who faces wire fraud and other charges in a 28-count indictment. Federal authorities allege that Felton took in more than $3 million from investors in FLiK and another cryptocurrency CoinSpark from 2017 and 2018. “Despite promising to use the funds raised from investors to build the FLiK and CoinSpark online platforms, Felton instead used the funds to buy a Ferrari, a million-dollar home, diamond jewelry, and other luxury items for himself,” the SEC complaint reads.
Harris attracted …
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