Sunday, September 13, 2020

T.I. Charged in SEC Fraud Scandal


Rapper T.I. named in an SEC fraud case involving digital currency...

From The Securities and Exchange Commission
The Securities and Exchange Commission today announced charges against five Atlanta-based individuals, including film producer Ryan Felton, rapper and actor Clifford Harris, Jr., known as T.I. or Tip, and three others who each promoted one of Felton’s two unregistered and fraudulent initial coin offerings (ICOs). The SEC also charged FLiK and CoinSpark, the two companies controlled by Felton that conducted the ICOs. Aside from Felton, all of the individuals have agreed to settlements to resolve the charges against them.
The SEC’s complaint alleges that Felton promised to build a digital streaming platform for FLiK, and a digital-asset trading platform for CoinSpark. Instead, Felton allegedly misappropriated the funds raised in the ICOs. The complaint also alleges that Felton secretly transferred FLiK tokens to himself and sold them into the market, reaping an additional $2.2 million in profits, and that he engaged in manipulative trading to inflate the price of SPARK tokens. Felton allegedly used the funds he misappropriated and the proceeds of his manipulative trading to buy a Ferrari, a million-dollar home, diamond jewelry, and other luxury goods.
In a settled administrative order, the SEC finds that T.I. offered and sold FLiK tokens on his social media accounts, falsely claiming to be a FLiK co-owner and encouraging his followers to invest in the FLiK ICO. T.I. also asked a celebrity friend to promote the FLiK ICO on social media and provided the language for posts, referring to FLiK as T.I.’s “new venture.” The SEC’s complaint alleges that T.I.’s social media manager William Sparks, Jr. offered and sold FLiK tokens on T.I.’s social media accounts, and that two other Atlanta residents, Chance White and Owen Smith, promoted SPARK tokens without disclosing they were promised compensation in return....


The SEC’s order against T.I. requires him to pay a $75,000 civil monetary penalty and not participate in offerings or sales of digital-asset securities for at least five years.

10 comments:

Anonymous said...

T. I. Got that visit from the big boys...Yikes

Anonymous said...

Mr. Big Mouth always saying nothing, got his self in front of the Feds, once again. Where are all those run on sentences, now TI? You try so hard, to sound profound...Dummy.

Anonymous said...

TI is such a fraud. I can't believe people still stupid enough to listen to anything this rat has to say.

Rainy Dayz said...

Wait, this nigga about to go to prison for the third time? 🤦🏾‍♂️

ms mac said...

Doesn't he call himself Hustle Man or something like that? This is what he does. He's a felon who thinks he's more charming and smarter than everyone else in the room so I'd expect nothing less from him.

Alma's Daughter said...

^^^ Exactly. He's such as an ass and it's every day of the week.

Anonymous said...

He let the Yt man scam him...lol...lol

R in NYC said...


T.I. better pay that money expeditiously!

Anonymous said...

Paying that back should be no problem since he gets to keep most of it. That plus the insurance money they got from that bag of 'stolen' jewelry. He gon have to behave this month so no new car for his hobbit.

Anonymous said...

Sounds like a pyramid scheme to me

Post a Comment