A film producer pleaded responsible to a number of counts of fraud and cash laundering, in line with the U.S. Lawyer’s Workplace.
Ryan Felton entered the plea on the fourth day of his jury trial in Atlanta on Thursday.
Felton was accused of two cryptocurrency funding schemes that price buyers thousands and thousands of {dollars}, in line with prosecutors.
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“The defendant used twenty first century know-how to perpetrate an age-old fraud: mendacity to buyers to steal their cash and fund his personal lavish way of life,” stated U.S. Lawyer Ryan Okay. Buchanan in a information launch. “Felton’s conviction ought to function a warning to anybody who seeks to capitalize on rising know-how to victimize others.”
Investigators say Felton promoted an preliminary coin providing for an leisure streaming platform promising to surpass Netflix.
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Prosecutors say Felton falsely promoted that Atlanta rapper T.I. was co-owner of the FLiK platform, the U.S. navy had agreed to distribute the platform to service members, and FLiK was finalizing licensing offers with main movie and tv studios.
Felton used round $2.4 million in cash from buyers to fund an extravagant way of life. He purchased a $1.5 million house, a Ferrari, a Chevy Tahoe, and roughly $30,000 in diamond jewellery, in line with U.S. Lawyer’s Workplace for the Northern District of Georgia.
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Felton promoted a second ICO for a brand new firm in 2018. Investigators say he raised greater than $200,000 for CoinSpark and once more diverted cash to his private checking account.
Felton pleaded responsible to 12 counts of wire fraud, ten counts of cash laundering, and two counts of securities fraud. His sentencing shall be scheduled at a later date.
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