The rapper TI crypto scam case has found new life with the news surfacing that he is due to pay a hefty settlement amount to the SEC. The famed rapper TI or Clifford Harris is now reportedly due to pay a $75,000 fine to settle the crypto scam case along with his three accomplices. The fourth person charged in the case, film producer Ryan Felton has denied the Security Exchange Commission (SEC) charges.
Rapper TI crypto scam; case background
The United States’ (US) Security Exchange Commission initiated the Rapper TI crypto scam case charging not only the famed rapper, but also four other accomplices that includes Ryan Felton, a famed film producer. The party was charged over an initial coin offering (ICO) through Ryan Felton controlled companies. These companies were identified as FLik and CoinSpark.
It is unclear that whether the said party accepted or rejected the charges in the rapper TI crypto scam initiated by the SEC. However, Ryan Felton is believed to have rejected all charges against him in the Rapper TI crypto scam case.
The SEC is of the view that the Clifford Harris used his position to promote and sell the FLik token using his social media presence and influence. Per SEC, he was actively followers to invest in the coin “falsely” claiming to be a co-owner of the same.
The token was the native coin for a Netflix like platform that would allow streaming on the blockchain, where the token was to be used for in-app purchases. After the ICO, the rapper is believed to have used the funds to buy a luxury car, new home, jewelry and other goods.
The Justice Department has reportedly charged Ryan Felton on Friday after his repeated refusal to enter a settlement with the SEC. TI is not the first celebrity involved in a crypto scam case, however, it is pertinent to mention that Rapper TI was previously reported to have been acquitted in the same case.