T.I charged with cryptocurrency fraud, agrees to pay N28.7m as penalty

T.I charged with cryptocurrency fraud, agrees to pay N28.7m as penalty

- US rapper T.I has been charged with cryptocurrency fraud after helping a friend raise money for a fraudulent company

- The US Security and Exchange Commission announced that T.I has agreed to pay a huge sum of $75k (N28.7 million) as a civil penalty for his involvement in the cryptocurrency fraud

- T.I apparently encouraged his followers to invest in non-existent new ventures of an Atlanta-based film producer Ryan Felton

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US rapper T.I is in trouble with the law. The US Securities and Exchange Commission (SEC) has announced that the About The Money hitmaker has agreed to pay $75,000 (N28.7 million) as a civil penalty after participating in alleged cryptocurrency fraud.

The SEC shared that it charged T.I for helping film producer Ryan Felton raise money for a fraudulent company on social media. TI allegedly encouraged his followers on social media to invest in Felton's non-existent new ventures.

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Felton, who is based in Atlanta, reportedly used the funds to buy himself a Ferrari, a million-dollar house, and diamond jewellery and participated in manipulative trading on the market for his personal benefit.

The Root reports that T.I has also agreed not to participate in any digital assets trading or promotion for the next five years. His social media manager, William Sparks, will also have to pay a $25k penalty to the government.

The rapper recently took to Instagram to share a cartoon encouraging government to "defund the police" and channel the money to other good causes.

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People dragged him for his involvement in cryptocurrency fraud. Check out some of the mixed reactions from his followers below:

toridad_04 commented:

"Cut it out T.I. You lost every right to speak for my people when you decided to use your platform to scheme them. Cut it TF out."

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sneakerfreax772 wrote:

"Stealing crypto coins, pumping fake coins you don't co-own is not your world. Stick to rap and TV."

jemenessence said:

"Well clearly they need more funding to ensure they all get better training so they don't keep going around beating people up."

annieponytails wrote:

"Defunding police will mostly hurt our neighbourhoods."

amaka_earth_shereads commented:

"We can't listen to anyone who can scam our own people."

jleonard3102 added:

"I hear you encouraged your followers to invest in a scam.... care to comment?"
T.I charged with cryptocurrency fraud, agrees to pay $75k as penalty
T.I has been charged with cryptocurrency fraud. Image: @troubleman31/Instagram
Source: UGC

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In other news, Legit.ng reported that T.I recently explained how he met Mzansi rap star Nasty C. The two musos have released a banging track together titled They Don't.

T.I explained on his show named ExpediTIously how he came to know the There They Go hitmaker and how they eventually ended up doing a track together.

The Whatever You Like hitmaker said he heard Nasty's music whilst he was here in South Africa to shoot a movie. T.I said the 'Zulu Man With Some Power' reminded him of himself.

Source: Legit.ng

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