Promoters of Rapper TI's 2017 ICO Ordered to Pay $103K Penalty
The associates are also barred from selling digital securities for five years.
Nov 18, 2020 at 9:14 p.m. UTC
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The U.S. Securities and Exchange Commission (SEC) prosecution of rapper T.I.'s 2017 initial coin offering (ICO) has netted $103,000 in court-ordered fines and penalties for the agency, this time from associates of the Atlanta-based act.
Defendants Chance White, Owen Smith and William Sparks were all named in the original September FLiK ICO suit for alleged securities law violations and for boosting the coin without disclosing their ties. Eight individuals were charged in September and seven quickly agreed to settle, including White, Smith and Sparks.
The trio on Tuesday consented to the final terms of their penalty without admitting or denying wrongdoing, according to Law360, which first reported the consent order. All three are now barred from future securities violations and prohibited from dealing with digital securities for the next five years.
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It was not immediately clear on Wednesday if fellow FLiK defendant Ryan Felton had settled the charges against him. The film producer faces allegations of fraud and manipulation from the SEC.
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