Rapper T.I. Fined $75K By SEC Over Alleged ICO Scheme

Law360 (September 11, 2020, 11:21 PM EDT) -- The U.S. Securities and Exchange Commission on Friday ordered rapper T.I. to pay $75,000 after finding he violated securities laws by duping investors into buying now-worthless digital tokens in an initial coin offering, as the SEC announced a lawsuit against others who were allegedly involved.

Atlanta-based rapper Clifford "T.I." Joseph Harris Jr. offered and sold so-called FLiK tokens on his social media accounts while falsely claiming to be a co-owner in FLiK, the SEC said. In addition to the cash penalty, the order forbids T.I. from participating in offerings or sales of digital-asset securities for at least five years.

The SEC...

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