Legal

T.I. Charged By SEC With Promoting A Fraudulent Cryptocurrency

By Benny Franklin
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T.I. is back in legal trouble, but this time, it's not for having an arsenal of guns.

The Securities and Exchange Commission, better known as the SEC, has charged T.I. with promoting fraudulent initial coin offerings (ICOs) in connection with a company called FLiK. 

The SEC accused T.I. of offering and selling FLiK “tokens” on his social media accounts and encouraging his followers to invest in the FLiK ICO, while also falsely claiming to be a co-owner of the company.

The Atlanta rapper and actor wasn't the only one involved, as four others were arrested, including film producer Ryan Felton.

According to a press release, T.I. has agreed to pay a $75,000 civil monetary penalty and not participate in offerings or sales of digital-asset securities for at least five years to avoid arrest.

T.I. hasn't commented on the charges publicly as of yet.

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Posted In: Legal T.I.

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