Three Clifford Joseph Harris Jr.., a rapper also known as T.I. Who was responsible for the introduction of the FLiK token? agreed to pay more than $ 100,000 after a U.S. district court cleared a settlement.
According to records filed in the United States District Court for the Northern District of Georgia on November 17, Chance White, Owen Smith, and William Sparks Jr. pay $ 102,992 in a settlement that covers fines, fees, and dislikes for their roles in selling tokens in FLiK and CoinSpark’s initial coin offerings (ICOs). T.I., rapper, singer and songwriter, has won three Grammy Awards and received several hits including “Whatever You Like and Live Your Life”.
The SEC announced the charges against the three in September along with Ryan Felton, founder of the video production company AVA, and T.I., alleging the ICOs were “fraudulent and unregistered”.. Sparks, T.I.’s social media manager, has been charged with violating registration rules by allegedly selling FLiK tokens on the rapper’s social media accounts.
White and Smith, both in the Atlanta film industry, were accused of violating registration and anti-tourism regulations for allegedly promoting CoinSpark without disclosing that they were paid for their support of the token.
The trio then reached an agreement that was approved by the court on Tuesday. The SEC’s case against Felton is reportedly ongoing, while Commission T.I. Pay a fine of $ 75,000 and not participate in offers or sales of digital asset securities for at least five years.
FLiK was one of many tokens announced during the ICO boom in 2017. When the token was introduced in September, Felton stated on social media that FLiK was “growing tremendously in a year” and would be redeemable for $ 14.99 in 15 months. However, the token price only hit $ 0.21 at its peak on October 17 and is currently trading at $ 0.000289 according to data from CoinMarketCap.
In 2018, a group of 25 investors named Felton and T.I. in a class action lawsuit accusing them of having implemented a pumping and funding plan with FLiK by promoting the token with misleading information and celebrities.
The group’s legal team changed the lawsuit, including comedian Kevin Hart for his alleged role. A U.S. district judge dismissed T.I. earlier this yearand determined that there was no specific evidence of a security breach or negligent misrepresentation in relation to the rapper promoting FLiK.