Money Mayweather & DJ Khaled Settle with SEC in Cryptocurrency Suit
Undefeated boxing champ, Floyd Mayweather and Hip-hop giant, DJ Khaled both paid their dues to the SEC in a settlement involving cryptocurrency fraud, to the tune of $600K and $150K .
On Thursday, the Securities & Exchange Commission charged both Mayweather and Khaled with cryptocurrency fraud for failing to disclose that they were being paid to promote Centra Tech, a company that sold cryptocurrency in an initial coin offering (ICO).
Floyd “Money” Mayweather, who was paid $100,000 by Centra, took to twitter last year, encouraging his followers to invest in the ICO.
— Floyd Mayweather (@FloydMayweather) September 18, 2017
DJ Khaled, receiving $50,000, did the same, hoping to bring attention (and money) to Centra.
I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the… https://t.co/iIbQwQCwD1
— DJ KHALED (@djkhaled) September 27, 2017
Selling cryptocurrency coins in initial coin offerings can bring about federal charges. So, when Mayweather and Khaled kept their paid promotions a secret, the SEC slapped them both with charges.
They both settled the lawsuit and agreed to keep from promoting securities for several years and to pay back what Centra offered up, plus interest and fines.
In the end, Mayweather paid a total of $614K in the settlement and Khaled, a sum of $152,725.
With Khaled’s $20 million networth and Floyd banking nearly $1 billion, it’s safe to say that neither will have a problem paying their fines.