Clifford “T.I.” Harris Jr. has agreed to a $75,000 settlement with the U.S. Securities and Exchange Commission. The settlement stems from charges to a related to a fraudulent Initial Coin Offering (ICO).
The SEC alleges that Harris Jr. played a role in promoting two ICOs run by film producer, Ryan Felton. Felton launched two ICOs, FLiK and CoinSpark, and allegedly used the funds from investors to build a $1 million home and other luxury items. Meanwhile, Harris Jr. claimed to be a co-owner of the company and encouraged others to get involved.
In addition to the $75,000 settlement, T.I. will also refrain from participating in or promoting digital-asset securities for five years.
Harris Jr. is far from the first celebrity to be met with a similar charge. Just last year, Floyd Mayweather Jr., Steven Segal and DJ Khaled were hit with similar charges.