Report: US Court Claims Rapper T.I. Sold Unregistered Securities in FLiK ICO

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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..

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