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27 September 2020

Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SEC | Regulation Bitcoin News

Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SEC | Regulation Bitcoin News

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The SEC also charged two companies, Flik and Coinspark, that conducted the sales.

Rapper TI, whom the SEC described in its order as “a well-known musician, actor, and producer,” participated in the offer and sale of flik tokens, which are unregistered securities.

“Promotional materials described Flik as ‘Netflix on the blockchain’ — a company that would provide a streaming media platform with products and services that could be purchased with flik tokens.”.

20, 2017, the rapper offered and sold these tokens on his social media accounts, falsely claiming to be a Flik co-owner, and asked a celebrity friend to promote the sale on social media, calling flik TI’s “new venture.” The Flik sale raised approximately 539 ETH, worth about $164,665 as of Sept.

Mazurek says that the rapper regretted getting involved with Felton, whom he “believed to be a local entrepreneur trying to make it easier for new artists to enter the music industry,” the news outlet conveyed.

In addition, the SEC detailed that film producer Felton allegedly promised to build a digital streaming platform for Flik and a crypto trading platform for Coinspark, but he misappropriated the funds raised.

Attorney’s Office for the Northern District of Georgia has simultaneously brought criminal charges against Felton.

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