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26 November 2020

Rapper T.I.’s associates to cough up $100K in FLiK token case with SEC

Rapper T.I.’s associates to cough up $100K in FLiK token case with SEC


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Rapper T.I.’s associates to cough up $100K in FLiK token case with SEC.

will pay $102,992 in a settlement covering penalties, fees, and disgorgements for their role in selling tokens in initial coin offerings, or ICOs, for FLiK and CoinSpark.

The SEC announced charges against the three in September along with Ryan Felton, founder of video production company AVA, and T.I., alleging that the ICOs were “unregistered and fraudulent.” Sparks, who is T.I.'s social media manager, was charged with violating registration provisions by allegedly selling FLiK tokens on the rapper’s social media accounts.

When the token was launched that September, Felton claimed on social media that FLiK would see “tremendous growth in one year” and be redeemable for $14.99 in 15 months.

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