(AllHipHop News) Atlanta rapper T.I. has recently gotten himself in trouble, moving shiftily on a real-life grand hustle.
According to the nation’s Securities and Exchange Commission (SEC), the entertainment mogul and VH1 reality show star was accused of breaking the law and selling fraudulent cryptocurrency investments.
Tip, whose real name is Clifford Harris, has had to agree to pay up a $75,00 fee to settle said charges.
He and four others (including movie producer Ryan Felton) worked this “deception” under the guise of two companies FLiK and CoinSpark.
The SEC contends that in 2017 the “Whatever You Like” tapper promoted and sold FLiK tokens on his social media platforms, leading his millions of followers to believe that he was a co-owner of the cryptocurrency company.
These tokens were sold as “investment contracts” and told that this would move like “Netflix on the blockchain,” a streaming platform where people could purchase products, services, and other commodities with the FLiK tokens.
His partner, Felton did not do that.
Instead, the SEC claims that Felton purchased a Ferrari sports car, million-dollar him, diamonds, and other wares.
At 39, T.I. has amassed a weighty empire and has a lot to lose.
Despite T.I. and the other three accomplices agreed to pay to make the case go away, Rayn Felton would not cooperate or settle with the SEC.