Film producer pleads guilty in fraud investment scams

A film maker has conceded to a few counts of misrepresentation and tax evasion emerging from his deceitful advancement of two digital money speculation plans, government examiners said.

Ryan Felton, 48, entered the supplication on the fourth day of his jury preliminary in his old neighborhood of Atlanta on Thursday.

“The litigant utilized 21st century innovation to execute a well established misrepresentation: misleading financial backers to take their cash and asset his own rich way of life,” U.S. Lawyer Ryan K. Buchanan said in a news discharge. “Felton’s conviction ought to act as an advance notice to any individual who looks to benefit from arising innovation to exploit others.”

Agents said Felton, in 2017, advanced an underlying coin offering, or ICO, for an amusement streaming stage promising to outperform Netflix. Examiners said he erroneously advanced that Atlanta rapper T.I. was co-proprietor of the FLiK stage, the U.S. military had consented to disseminate the stage to support individuals, and FLiK was concluding authorizing manages significant film and TV studios.Instead of utilizing financial backer assets to foster the stage, Felton utilized around $2.4 million from financial backers to subsidize an excessive way of life. He purchased a $1.5 million home, a Ferrari, a Chevy Tahoe, and about $30,000 in precious stone gems, the U.S. Lawyer’s Office for the Northern District of Georgia said.Felton advanced a second ICO for another organization in 2018. Examiners say he raised more than $200,000 for CoinSpark and again redirected cash to his own financial balance.

“The innovation has progressed, yet the wrongdoing continues as before, and the people who put resources into cryptographic money should be careful about open doors that show up unrealistic,” said Keri Farley, Special Agent in Charge of FBI Atlanta. “The FBI is focused on safeguarding financial backers from refined cryptographic money con artists that look to exploit the curiosity of computerized cash.”

Felton conceded to 12 counts of wire misrepresentation, 10 counts of tax evasion, and two counts of protections extortion.

Condemning will be booked sometime in the not too distant future before U.S. Area Judge J.P. Boulee.

    error: Content is protected !!