SEC Fines Floyd Mayweather, DJ Khaled for ICO Promotions
The US Securities and Exchange Commission (SEC) did not pay to promote the initial coin offering (ICO) with professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled (well known DJ Khaled) I admitted the charges.
The regulator announced Thursday that Mayweather received $ 100,000 from Centra Tech and $ 200,000 from Stox and Hubii Network.
According to the agency, Khaled paid $ 50,000 to promote Centra Tech.
Centra Tech co-founders were charged earlier this year by a grand jury for alleged fraud and conspiracy.
According to Stephanie Avakian's joint statement, the SEC executive said in a statement, "Mayweather and Khaled's ICO promotions seemed fair, not biased towards a paid warranty."
Celebrities also refused to accept the charges in the settlement. Mayweather would pay a disgorgement of $ 300,000, a fine of $ 300,000, and a prejudgment interest of $ 14,775. Khaled would pay a disgorgement of $ 50,000, a fine of $ 100,000, and a prejudgment interest of $ 2,725.
In addition, the two prohibit the promotion of "securities, digital or other securities" over the next few years. Mayweather agrees to a three-year ban, and Khaled's ban will last for two years.
The SEC added that Mayweather will continue to cooperate with the ongoing investigation.
The measure has been more than a year since government agencies first warned celebrities that "promoting investment products could be against the law if they do not disclose the nature, origin and amount of the guaranteed product."
SEC emblem image through Shutterstock
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