Called to account: October 2020

In this month’s scandals, convictions and penalties, US rapper, film producer and others charged over bogus cryptocurrency promotion, CEO who swindled a charity’s pension scheme, and a motorhome company director was disqualified after guaranteeing return prices which could not be met

US rapper fined over bogus cryptocurrency

The Securities and Exchange Commission (SEC) has brought charges against a US rapper, a film producer and three others over allegations they promoted unregistered and fraudulent initial coin offerings (ICOs) using celebrity endorsements.

The US regulator said film producer Ryan Felton and rapper and actor Clifford Harris, known as T.I. or Tip, and the others, were involved in two platforms, FLiK and CoinSpark.

The SEC alleged that Felton promised to build a digital streaming platform for FLiK, and a digital-asset trading platform for CoinSpark.

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