ATLANTA (AP) — Rapper and actor T.I. has settled civil charges with the U.S. Securities and Exchange Commission that he helped promote a fraudulent cryptocurrency.
T.I., whose real name is Clifford Harris, agreed to a civil settlement with the SEC that was announced Friday. He is paying a $75,000 fine and agreeing not to sell or market similar securities for at least five years.
Harris got into trouble, the SEC said, because he used his social media accounts to promote FLiK, falsely claiming to be a co-owner, and asked an unnamed actor and comedian to also promote FLiK, providing language calling it T.I.’s “new venture.” The SEC says both of those moves broke federal laws against selling securities without registering with the SEC.
The charges against Harris were part of a larger enforcement action against others including film producer Ryan Felton, who faces wire fraud and other charges in a