Renowned US rapper Clifford Harris Jr., more commonly known as T.I, has been let off the hook from securities fraud for allegedly promoting the FLiK ICO.
However, his co-accused, the businessman – Ryan Felton – together with popular comedian and actor Kevin Hart, were not so lucky.
Aggrieved FLiK ICO participants had filed a case against the rapper in November 2018, accusing him of hyping a scandalous pump and dump ICO exercise.
The aggrieved investors stated that they had lost about $2 million during the scheme, and T.I and others mentioned in the case were used to promote the scam. Panell Jr., a US District Judge handling the case, agreed with T.I’s legal counsel and cleared him of the allegations.
The judge stated that the aggrieved parties only alleged that T.I, through his twitter handle, urged his followers to have a look at the FLiK ICO website. The judge continued to state that the plaintiff failed to offer further details on the alleged value of the FLiK tokens and, as a result, the facts provided do not amount to the level of particularity needed for such a case.
The Judge also threw out the claims by the plaintiff that T.I being part of the FLiK ICO marketing activities were contrary to Georgia’s Uniform Securities Act.
The judge explained that all those who participated in the FLiK ICO exercise had no known ties with Georgia state. The judge also said that the prosecutors failed to show how T.I’s twitter activities influenced the investors’ decisions to invest in the scheme.
T.I is just one of the celebrities who have been fighting cases for their activities in drumming up token sales during the 2017 ICO-mania. Recently, the U.S. Securities and Exchange Commission (SEC) fined Floyd Mayweather and DJ Khaled about $800,000 for their activities in advocating the CentraTech ICO scam.