T.I. Settles Cryptocurrency Case
T.I. has settled a case filed against him by the U.S. Securities and Exchange Commission (SEC) over his promotion of bogus cryptocurrency.
"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 [initial coin offering]," reads a release from the SEC. "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.'"
It is against federal law to sell securities without being registered with the SEC.
The rapper, whose real name is Clifford Harris, will pay a $75,000 U.S. fine and "not participate in offerings or sales of digital-asset securities for at least five years."
In 2018, DJ Khaled paid a $152,725 U.S. penalty and agreed to a two-year ban on promoting securities after the SEC charged him for promoting an ICO on his social media in 2017.