T.I agrees to pay $75k as penalty after facing charges for Cryptocurrency Fraud.
News hitting us today is that American rapper, T.I is in a lot of soup with the government. Apparently the rapper is facing Cryptocurrency fraud charges. According to a statement by the US Securities & Exchange Commission (SEC), the “Whatever You Like” rapper has accepted to pay $75k as civil penalty for his participation in alleged cryptocurrency fraud.
The American rapper was charged by the SEC for helping film producer, Ryan Felton raise money for a fraudulent company on social media. He reportedly did this by encouraging his followers on social media to invest in the film maker’s non-existent new ventures.
Reports state that Felton used the money to buy himself a Ferrari, a multi-million dollar house, and diamond jewelry. He also participated in manipulative trading on the market, all for his personal benefits. T.I has also agreed not to participate in any digital assets trading or promotion for the next five years, The Roots reports. William Sparks, his social media manager will also pay $25k as penalty to the government.