The Atlanta division of the United States district court of the northern district of Georgia claims in an order published on May 20 on Twitter by lawyer Stephen Palley that Rapper T.I. - real name Clifford Joseph Harris Jr. - sold unregistered securities in his FLiK initial coin offering.
According to the document published by Palley, although the flik tokens had additional functionality, the token holders were promised profits from the work of the company.
"FLiK tokens will be redeemable for $3.99 in 3 months, $9.99 in 12 months and $14.99 in 15 months This represents TREMENDOUS growth in 1 year."
Still, according to Palley, the court noted that there is a problem, since claims for unregistered sale of securities have to be brought to court within a year after the violation under federal law.
He concludes that "Because this isn't pleaded, these claims are dismissed with leave to refile." Lastly, Palley also said that the merits still have to be litigated.
As Cointelegraph reported at the time, Harris had been sued for $5 million by a group of people after his FLiK token reportedly failed in November last year.
Last week, high-profile boxer Floyd Mayweather and music producer DJ Khaled were been dismissed from a lawsuit brought by investors in a fraudulent ICO..
Report: US Court Claims Rapper T.I. Sold Unregistered Securities in FLiK ICO
Publicado en May 21, 2019
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.