Alapt

Cryptocurrency news

SEC fined ICO promoters FLiK $130,000

SEC fined ICO promoters FLiK $130,000

The US Securities and Exchange Commission (SEC) fined the promoters of the FLiK ICO, held in 2017, $130,000 for violating the securities act in conducting and promoting ICOs.

In September, Owen Smith, Chance White, William Spark, and rapper Clifford Joseph Harris, known as T. I., were indicted.
in violation of the securities Act, as they recommended that investors buy FLiK ICO tokens without informing them that they were paid to promote the project. In addition, the SEC accused film producer Ryan Felton of misappropriating money and fictitious cryptocurrency trading using the proceeds from two ICOs: FLiK and CoinSpark.

This week, Smith, White, and Spark agreed
on the final terms of his sentence, without admitting or denying wrongdoing. They are now banned from dealing in digital securities for the next five years. They must also pay a $130,000 fine for violating securities laws. It’s unclear at what stage of the settlement the charges against Felton and rapper T. I. are at.

Recall that since the beginning of 2020, the US Securities and Exchange Commission has collected more
than $4.68 billion in fines and confiscated illegal income. More than a quarter of this amount came from Telegram.