According to Pitchfork, T.I. has been charged by the Securities and Exchange Commission. Helping to promote fraudulent initial coin offerings (ICOs) in connection with a company called FLIK.
The Atlanta rapper and actor agreed to “pay a $75,000 civil monetary penalty and not partake in digital asset offerings or sales for at least five years,” according to a press release from the SEC.
The SEC accused T.I. of offering and selling FLIK “tokens” on his social media profiles and empowering his followers to invest in FLIK ICO, while also fraudulently claiming to be the company’s co-owner.
The Commission also maintains that T.I. recruited “A Celebrity Friend” to promote FLIK ICO on social media, providing copies for posts. The social media manager of T.I. was also charged with offering and selling FLiK tokens via T.I.’s social media pages.