Rapper TI was charged with securities violations by the S.E.C. yesterday, MTO News has learned. The government agency released news of the charges on their website.
Here's what the enforcement agency posted regarding the rapper:
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.
But there are more than just charges. According to MTO News' legal team, TI appears to have confessed to the allegations. The government claims that they have "settled" the charges with TI - and the rapper has admitted to defrauding people.
Here's more from the S.E.C.:
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 says that the fund was owned by movie producer Ryan Felton - who allegedly stole all the money. Ryan is also facing criminal charges.
As for TI - it looks like because of the settlement - he will avoid criminal prosecution.