According to reports, T.I. has been ordered to pay $75,000 by the Securities and Exchange Commission in relation to an unregistered and fraudulent initial coin offering. The SEC named T.I. in a statement released on Friday citing his role in promoting one of two fraudulent ICO ventures headed by producer Ryan Felton. The SEC statement notes:
"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."
T.I. has not publicly commented on the matter at the time of this article.
The full SEC statement can be found here.
Source: fox23.com
