SEC Fines Floyd Mayweather, DJ Khaled for ICO Promotions

DJ Khaled performs onstage during the 'On The Run II' Tour at Rose Bowl

In an official release dated November 29, the SEC has announced the settlement of charges against music producer DJ Khaled and professional boxer Floyd Mayweather Jr. for failure to disclose payments they have received to promote initial coin offerings.

The SEC order against 41-year-old Las Vegas resident Mayweather says that cease-and-desist proceedings are being instituted "pursuant to Section 8A of the Securities Act of 1933". The SEC said the charges are the first for violating rules on touting investments in so-called initial coin offerings, or ICOs. "You can call me Floyd Crypto Mayweather from now on", he wrote on his Twitter account. "In total, Mayweather received approximately $300,000 for these promotions".

Back in April, the SEC brought civil charges against Centra's founders for selling a fraudulent and unregistered investment in its CTR digital token.

Mayweather also promoted other ICOs including one for Stox.com, which allegedly raised $US33 million in August previous year.

In 2017, the SEC issued its DAO Report, which said coins sold in ICOs could be securities and that anyone who offers and sells securities in the U.S. has to comply with federal securities laws.

Both men neither admitted nor denied the SEC's allegations.

Floyd Mayweather attends the game between the Kansas City Chiefs and the Los Angeles Rams

Both Khaled and Mayweather settled with the SEC and agreed not to promote any securities, even digital ones, for two years and three years, respectively.

The problem according to the Securities and Exchange Commission. neither star disclosed that they were getting paid to promote the coin. which is a violation of federal law.

During the crowdsale, Centra promised its investors that the funds raised would be used to build a suite of financial products which included a debit card backed by Visa and Mastercard. This is a Game changer here. Khaled paid $157,725. That's a fair chunk of coin for your coin.

But there were hints, however, that the SEC was preparing to whack Khaled for promoting cryptocurrency offerings.

Both Mayweather and Khaled touted the ICO of Centra Tech, which was later alleged to have been a scam. As put by media outlet Gizmodo on Twitter, the "SEC has informed DJ Khaled that he has played himself". Floyd for three years, and Khaled for the next two years.

Under the settlements, Mayweather agreed to pay a $300,000 penalty, give up another $300,000 and pay $14,775 in interest.

Patrick Corbin To Yankees? Brother’s Wedding Gesture Fuels Speculation
The team is looking to acquire multiple starting pitchers, and Corbin might be at the top of their list. Cincinnati went 67-95 in the 2018 season, winning fewer than 70 games for the fourth straight year.

Related:

Comments

Latest news

‘Daredevil’ cancelled: Netflix cuts Marvel roster down to 2
However, they have announced series based on Marvel characters like Scarlet Witch (Elizabeth Olsen) and Loki (Tom Hiddleston). One theory postulates that it's because of Marvel's owner, Disney , launching their own streaming service, Disney +.

Andy Robertson backs Liverpool foodbank appeal ahead of Merseyside derby
Liverpool host Everton on Super Sunday , live on Sky Sports Premier League, and ahead of the match Robertson learnt more about the role North Liverpool Foodbank plays.

French protesters clash with police in Paris; 63 arrested
And the state is asking us to tighten our belts, but they at the contrary live totally above all standard with our money. The violence in Paris contrasted sharply with protests elsewhere in France on Saturday that were mostly peaceful.

England handed favourable Euro 2020 qualifying draw
Wembley Stadum will host both the semi-finals and final of Euro 2020, as well as three group games and one match in the last 16. As Netherlands and Germany are also Euro 2020 host nations, Ireland were unable to be drawn into the same group as the pair.

Rupees hits historic low ahead of talks with International Monetary Fund
From December 2017, the rupee has devalued against the dollar by nearly 27%. "Yes, IMF conditioned rupee devaluation". This is the sixth round of Pak rupee devaluation since December 2017.

Kourtney Kardashian Reveals She Is Freezing Her Eggs
She shared: "It's important that he's confident in himself, that he knows who he is so that he doesn't have to be proving anything to anyone".

Warriors praise Durant's 51-point game against Raptors
Meanwhile, Draymond Green and Alfonzo McKinnie will also miss Thursday's game (Friday, PHL time) against the Raptors . They'll be playing the second game of a back-to-back after they defeated the depleted Chicago Bulls 107-88 on Friday.

Israeli police recommend indicting PM for bribery
The country's attorney general will now decide on whether to prosecute, with no announcement expected before the end of next year. It alleged that Netanyahu sought to interfere with content of Bezeq's Walla website "in a way that would benefit him".

Nations League promotion will lift Scotland, says Paul Lambert
Basket 5: Macedonia , Kosovo , Belarus, Luxembourg, Armenia, Azerbaijan, Kazakhstan, Moldova, Gibraltar, Faroe Islands. Next summer's inaugural UEFA Nations League Finals will be held in Portugal with the four League A group winners.

Real Madrid members get Copa Libertadores ticket allocation
As far as solutions go, playing the postponed second leg of the Copa Libertadores final at the Bernabeu was far from ideal . Image: South American TV channels say this shows Boca striker Carlos Tevez suffering the effects of pepper spray inhalation.

Nissan Maxima: Refreshed for More V-Motion
LED head- and taillamps are standard, and the rear fascia has been redesigned and is punctuated by quad exhaust tips. The 2019 Murano also adds standard 2nd row supplemental side air bags and front passenger supplemental knee air bag.

Another North Korean soldier defects to South
There is a passenger coach, a sleeping coach, an office coach and a wagon loaded with water for showers and laundry. Seoul took 55,000 liters (14,529 gallons) of diesel, a UN-sanctioned item, to the North for the journey.

Jay-Z Addresses Kanye West and President Trump on Meek Mill's "Wh"
The rare Tweet also marks the first time the rapper has posted on the social media account since June 2017, prompting a host of fan reactions.

NYPD looking to return engagement ring found in Times Square
Which is great news, except the couple never left any contact information, according to an NYPD spokesperson. They managed to pull the ring out of a utility grate on Saturday morning.

Former US president George H.W. Bush dead at 94
Before getting the keys to the White House, he served eight years as the vice president of Republican icon Ronald Reagan . Former First Lady Barbara Bush died in April, at which time the former president had to bury the love of his life.

Other news