This Rapper Is Getting Sued For $5 Million For Fraud
T.I. is a new kind of trouble. Back in 2017, T.I. and Ryan Felton announced FLiK Token, or another cryptocurrency. They were able to squeeze $1.3 million out of some…
WASHINGTON, DC – JUNE 26: A flag flys outside the U.S. Supreme Court after it was announced that the court will allow a limited version of President Donald Trump’s travel ban to take effect June 26, 2017 in Washington, DC. The Supreme Court will consider the case of the president’s power on immigration in the fall but in the meantime agreed to allow a limited ban on travelers from six mostly Muslim countries to take effect. (Photo by Eric Thayer/Getty Images)
(Photo by Eric Thayer/Getty Images)T.I. is a new kind of trouble.
Back in 2017, T.I. and Ryan Felton announced FLiK Token, or another cryptocurrency. They were able to squeeze $1.3 million out of some investors that were under the impression that they would not only make nearly a 25,000 percent increase on the FLiK Token but that Kevin Heart would be one of the faces of the brand.
According to Complex, they are now getting sued by the 25 investors due to T.I. & Felton using a “pump and dump” scheme in which they boost the price of the product by using the money given by investors but then crashes when the tokens are dumped.
Just a year later, the tokens were worth less than they were at purchase and now T.I. and Felton are getting sued for $5 million for damages.
The investors are suing T.I. and Felton for securities fraud.
We will keep you updated as more information becomes available.
Written by Christopher Schweitzer
Beasley Media Group Inc.
