T.I. has settled a $75K penalty given by the SEC for his role in a fraudulent cryptocurrency scheme.
There was a time when every rapper in the game was promoting a type of cryptocurrency. In spite of the fact that money is going electronic nowadays, it opens up space for conceivable fraud. Lamentably, T.I. has wound up in the focal point of much controversy after the SEC charged him $75K for his role in movie producer Ryan Felton’s crypto fraud scheme.
T.I. furthermore, three others settled their charges from the Security and Exchange Commission on Friday. They were charged a $75K fine for promoting two unregistered and fraudulent ICOs. A rep for Tip gave a statement to HipHopDX on the charges.
“Mr. Harris regrets his involvement with Mr. Felton,” the spokesperson told HHDX. “He attempted to help a local entrepreneur who presented an innovative idea for a streaming online platform that would help reduce the barriers of entry for creators of music and video content. Regrettably, Mr. Felton apparently never built the platform he promised T.I. and many others, and instead sought to profit from Mr. Harris’s popularity and reputation.”
“Mr. Harris never took a dollar from Mr. Felton’s failed venture and immediately removed his name from it once he learned that the project was undeveloped,” the statement continued. “Mr. Harris responded to all inquiries made by the SEC, and the settlement announced [Friday] is in full satisfaction of that investigation. Mr. Harris will continue to look for ways to help new artists gain access to digital distribution.”