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Atlanta film producer Ryan Felton pleaded guilty, on the fourth day of his jury trial to numerous counts of wire fraud, money laundering and securities fraud. According to a Northern District of Georgia U.S Attorney press release, Felton lied to investors to steal their money in order to fund his lavish lifestyle.
Between 2017 and 2018, the film producer worked on crypto projects FLiK and CoinSpark, two crypto investment scams that cost investors millions in losses. Felton intentionally linked a prominent Atlanta rapper and actor as co-owner to FLiK, that rapper had no partnership stake with the project. He lied that the U.S Military had agreed to distribute the streaming platform (FLiK) to service members and that licensing deals were being finalized with major film and television studios.
According to U.S Attorney Ryan K. Buchanan and other information presented in court, Felton’s fraudulent promotion of the Initial Coin Offering in 2017 was a pump and dump schemes. Felton dumped over 40 million FLiK Coin after the ICO ended, causing the value of the coin to plummet.
Instead of using investor funds to develop the platform, Felton diverted approximately $2.4 million in investor proceeds from the ICO and trading markets to his personal account. He used the vast majority of the investor proceeds to fund his extravagant lifestyle, including all-cash purchases of a $1.5 million residence, a $180,000 red 2007 Ferrari 599 GTB Fioran Coupe, a new $58,250 Chevy Tahoe, and approximately $30,000 in diamond jewelry
In 2018, Felton was at his old tricks with a new Initial Coin Offering, CoinSpark. CoinSpark was a crypto exchange, promising investors 25% of the exchange profit in the form of dividends. Felton again diverted funds to his personal bank account.
He pleaded guilty to twelve counts of wire fraud, ten counts of money laundering, and two counts of securities fraud.
