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Rapper T.I. has settled his federal case just days after being charged with promoting a fraudulent cryptocurrency offering.
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T.I. — real name Clifford Joseph Harris — was accused of selling cryptocurrency tokens via Twitter and encouraged fans to invest in the 2017 FLiK initial coin offering, which he allegedly falsely claimed to be a part-owner of.
The complaint against Harris, 39, was filed by the Securities and Exchange Commission, who claimed his offer was a scam.
RAPPER T.I. CHARGED BY SEC IN CRYPTOCURRENCY SCAM
Harris will pay a $75,000 fine and has agreed not to sell or market similar products for at least five years.
In an emailed statement to The Associated Press on Monday, a spokesperson for T.I. said that the artist regretted his involvement with film producer Ryan Felton. It said T.I. had attempted to help a local entrepreneur who presented an innovative idea for a streaming online platform to help new 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 said.
It added the rapper responded to all SEC inquiries and will continue to look for new ways to help new artists gain access to digital distribution.