The film producer scammed investors out of over $2.5 million via two ICO schemes.
An Atlanta film producer has recently pleaded guilty to wire fraud and money laundering charges for promoting fraudulent crypto investment schemes that defrauded investors of over $2.5 million., the U.S. Department of Justice revealed that the 48-year-old convict, Ryan Felton, promoted an initial coin offering for an entertainment streaming platform dubbed FLiK in 2017.
Felton convinced investors that he was actively developing the platform and would use all the proceeds from the ICO sale to launch FLiK officially. However, as soon as the ICO ended, he dumped the over 40 million FLiK coins he held, which caused the token’s value to plummet, leaving investors with worthless assets.
The convict claimed that investors would receive 25% of the exchange’s profits in dividends and that a renowned accounting firm would audit CoinSpark’s finances every quarter. However, Felton ignored investors’ demand for a refund and diverted the funds to his personal account.
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