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, 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.

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