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The United States Securities and Exchange Commission claims rapper and actor T.I. used his social media platform to assist the promotion of FLiK token. One more individual, Ryan Felton, is charged with embezzling more than two million USD in Initial Coin Offering funds.
The SEC has charged Clifford Harris, Jr., also known as T.I., with endorsing an unregistered ICO. Few other culprits were also charged, including an Atlanta film producer, Ryan Felton.
As per the SEC, “The announcement of the FLiK ICO on Celebrity 1’s social media accounts also substantially amplified the reach of FLiK’s marketing campaign for the FLiK ICO.”
The SEC associate director in the Division of Enforcement, Carolyn M. Welshhans, mentioned in a release, “As alleged in the SEC’s complaint, Felton victimized investors through material misrepresentations, misappropriation of their funds, and manipulative trading.”
As per the Securities and Exchange Commission, Felton raised money by means of Initial Coin Offerings for a streaming platform, FLiK and a platform for trading cryptocurrency, CoinSpark.
The commission claims that Felton instead moved the coins to his own account and sold them in exchange for more than two million USD, which he used to purchase a Ferrari, a million-dollar house, diamond ornaments, and other luxury possessions. Felton now faces felonious charges.
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