The Securities and Exchange Commission (SEC) has obtained a final judgment against defendants Ryan Felton, FLiK, and CoinSpark, whom the SEC had previously charged for their involvement in two fraudulent initial coin offerings (ICOs).
The SEC’s complaint was filed on September 10, 2020, in federal district court in Atlanta, Georgia. The complaint alleged that Felton promised to build a digital streaming platform for FLiK, and a digital asset trading platform for CoinSpark. Instead, Felton allegedly misappropriated the funds raised in the ICOs.
The complaint also alleged that Felton secretly transferred FLiK tokens to himself and sold them into the market, reaping an additional $2.2 million in profits, and that he engaged in manipulative trading to inflate the price of SPARK tokens. Felton allegedly used the funds he misappropriated and the proceeds of his manipulative…
Read More