Atlanta film producer pleads guilty for $2.5 million cryptocurrency-based investment scams
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"The defendant used 21st century technology to perpetrate an age-old fraud: lying to investors to steal their money and fund his own lavish lifestyle," said
"The technology has advanced, but the crime remains the same, and those who invest in cryptocurrency must be wary of opportunities that appear too good to be true," said
According to
In order to increase, or pump, the price of FLiK coins, Felton falsely represented to investors that a prominent
Instead of using investor funds to develop the platform, Felton diverted approximately
In 2018, Felton promoted a second ICO for a new company, CoinSpark, which was a cryptocurrency trading exchange. In order to attract investors to the ICO, Felton promised that Spark coin investors would receive 25% of the trading exchange's profits in the form of dividends. Felton further claimed that a global accounting firm would audit CoinSpark's finances on a quarterly basis, but, in reality, he never spoke with the accounting firm. Felton also posed as a potential investor, using fake names, on various internet forums and social media sites to further promote false information and build up excitement in CoinSpark.
After raising more than
This case is being investigated by the
The SEC
Assistant
For further information please contact the
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