Pay $ 600,000 to pay off SEC commissions
… In the case of cryptocurrency
11/29/2018 1:50 PM PST
Floyd Mayweather He had to get more than $ 600,000 out of his pocket to settle charges brought against him by the SEC for his role in a cryptocurrency scandal … officials announced.
As previously reported, Floyd e DJ Khaled both went on social media in 2017 to promote a cryptographic currency called Centra.
The problem according to the Securities and Exchange Commission … neither of them revealed that they had been paid to promote the currency … which is a violation of federal law.
It turned out that Floyd received $ 300,000 to promote the currency and the DJ got $ 50,000.
Officials previously said that the company behind the currency operated illegally, deceptive investors and many of the executives listed on the company's website do not really exist. The whole thing was essentially considered a gigantic scam.
The SEC has indicted both Floyd and Khaled, but both were able to resolve their cases behind closed doors after writing large checks.
Officials say Floyd has put up $ 300k in disgorgement (the money he made to promote the currency) plus another $ 300k in fines and another $ 14k in interest.
Khaled paid $ 50,000 in disgorgement plus $ 100,000 in fines plus $ 2,725 in interest.
Mayweather – who collaborated with the investigators – also agreed to NOT promote any type of currency for the next 3 years. Khaled has agreed to resist for 2 years.