Atlanta motion picture producer pleads guilty to $2.5 million fraud ripoffs to fund his lavish lifestyle

A film producer pleaded guilty to quite a few counts of fraud and funds laundering, according to the U.S. Attorney’s Business.

Ryan Felton entered the plea on the fourth working day of his jury demo in Atlanta on Thursday.

Felton was accused of two cryptocurrency financial investment strategies that expense traders millions of dollars, in accordance to prosecutors.

[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]

“The defendant utilized 21st century engineering to perpetrate an age-old fraud: lying to buyers to steal their cash and fund his personal lavish life style,” reported U.S. Legal professional Ryan K. Buchanan in a information release. “Felton’s conviction should really provide as a warning to anyone who seeks to capitalize on emerging technological know-how to victimize other individuals.”

Investigators say Felton promoted an original coin presenting for an enjoyment streaming platform promising to surpass Netflix.

TRENDING Tales:

Prosecutors say Felton falsely promoted that Atlanta rapper T.I. was co-operator of the FLiK platform, the U.S. military had agreed to distribute the system to company associates, and FLiK was finalizing licensing bargains with key film and tv studios.

Felton utilised close to $2.4 million in revenue from buyers to fund an extravagant life style. He acquired a $1.5 million residence, a Ferrari, a Chevy Tahoe, and around $30,000 in diamond jewellery, according to U.S. Attorney’s Office environment for the Northern District of Ga.

[SIGN UP: WSB-TV Daily Headlines Newsletter]

Felton promoted a 2nd ICO for a new company in 2018. Investigators say he lifted extra than $200,000 for CoinSpark and once again diverted income to his own financial institution account.

Felton pleaded responsible to twelve counts of wire fraud, ten counts of funds laundering, and two counts of securities fraud. His sentencing will be scheduled at a afterwards day.

Related: