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Floyd Mayweather and DJ Khaled have been fined for promoting ICO cryptocurrency

Floyd Mayweather DJ Khaled

Floyd Mayweather and DJ Khaled resolved the cases brought by the Securities and Exchange Commission claiming that they did not disclose the payments received to promote the first cryptocurrency money (ICO) offers on social media.

Mayweather and Khaled agreed to pay multiple fines totaling over $ 750,000. Which will not be exactly the rupture for the highest paid athlete in the previous world or the superstar music producer, but it is still very steep.

An SEC press release describes their transgressions and punishments.

SEC orders found that Mayweather did not disclose the promotional payments of three ICO issuers, including $ 100,000 from Centra Tech Inc., and that Khaled did not disclose a $ 50,000 payment from Centra Tech, which he advertised on his account. social media as "Game change" ".

Mayweather's promotions included a message to her followers on Twitter that Centra's "ICO" starts in a few hours, get yours before they run out, I have mine … "

A post on Mayweather's Instagram account predicted that he would make a large amount of money on another ICO and a Twitter post said, "You can call me Floyd Crypto Mayweather from now on." The SEC order found that Mayweather did not disclose that he had been paid $ 200,000 to promote the other two ICOs.

Mayweather agreed to pay $ 300,000 in disgorgement, a fine of $ 300,000 and $ 14,775 in injury interest. Khaled agreed to pay $ 50,000 in disgorgement, a penalty of $ 100,000 and $ 2,725 in injury interest.

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