ATLANTA, Ga. (CBS46) - An Atlanta film producer has pleaded guilty to $2.5 million in cryptocurrency-based investment scams.
The Department of Justice says Ryan Felton, 48, of Atlanta, pled guilty to multiple counts of wire fraud, securities fraud, and money laundering charges from his fraudulent promotion of two cryptocurrency investment schemes that cost investors millions in losses.
According to U.S. Attorney Buchanan, the indictment, and other information presented in court: In 2017, Felton promoted an initial coin offering (ICO) for a new entertainment streaming platform, FLiK, which he promised would surpass Netflix. ICOs are fundraising events during which the issuers of a unique cryptocurrency “token” or “coin” set an amount they want to raise, offer it to the public in a crowd sale, and receive cryptocurrency from investors in exchange.
In order to increase the price of FLiK coins, Felton falsely represented to investors that a prominent Atlanta rapper and actor was a...
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