Film producer pleads guilty in fraud investment scams

ATLANTA (AP) — Federal prosecutors say a movie producer has pleaded guilty to several counts of fraud and money laundering arising from his fraudulent promotion of two cryptocurrency investment schemes. Ryan Felton entered the plea on the fourth day of his jury trial in Atlanta on Thursday. Prosecutors say 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. Investigators said Felton promoted an initial coin offering in 2017 for an entertainment streaming platform called FLiK, and diverted about $2.4 million from investors. They say he also raised more than $200,000 in 2018 while promoting a second company.