- Rapper TI ICO coin racks up $103,000 in penalties and fines.
- Associates of the rapper were persecuted again yesterday.
- The trio on trial accepted the penultimate penalty terms but did not admit nor deny doing anything wrong.
Rapper TI ICO racks up more penalties
Rapper TI ICO coin racks up $103,000 in penalties and fines. Associates of the rapper were persecuted again yesterday.
The trio on trial accepted the penultimate penalty terms but did not admit nor deny doing anything wrong. The individuals’ actions mean they are now all banned from committing any further violations to securities or from working with online securities.
The defendants are Chance White, Owen Smith, and William Sparks, named in the first proceedings for the September FLiK ICO suit regarding violating the law. The original court case was to do with boosting the coin without making ties to it known and law violations.
In summer, eight people had been charged, but all but one decided to settle. Mr. White, Mr. Smith, and Mr. Sparks were among the people who agreed to settle.
Based in Atlanta, Clifford Harris Jr, known as TI, initially had to pay a $75,000 penalty to the US Securities and Exchange Commission. TI was charged the fine because he participated in campaigning for a fraudulent coin that had not been registered.
In 2017 the rapper claimed that he was the FLiK token co-owner and advertised it as a streaming media platform for digital tokens. At the time, TI had posted saying that FLiK was like Netflix, but unlike the streaming platform, it worked with blockchain.
The rapper used the money he had raised to buy a million-dollar home, diamond jewelry, Ferrari, among other expensive items. The rapper had accepted the penalty but did not admit or refuse the charges.