An Atlanta film producer has been indicted on federal charges connected to a cryptocurrency investment scheme. The U.S. Attorneys office is accusing Ryan Felton of raising millions from investors but then spending the money on personal items. The documents say he misled investors who thought they were funding an entertainment streaming platform by using rapper T.I. to help promote his business.
The SEC found T.I. offered and sold tokens of the fake cryptocurrency on his social media accounts and made false claims about being a co-owner of Felton’s company to encouraged his followers to invest.
The SEC complaint against T.I, aka Clifford Harris, and is not criminal but does carry penalties. Harris is required to pay $75,000 in a civil penalty and he is not to participate in the sale of digital-asset securities for the next five years.
Felton used that money for personal use including a $1.5 million home, and a 2007 Ferrari that he paid $180,000 cash for. He will face criminal charges presented by the FBI.