SEC charges DJ Khaled and Floyd Mayweather for promoting ICO without disclosing payment

Prominent music producer, DJ Khaled, and boxer Floyd Mayweather were charged by the Securities and Exchange commissions [SEC] after they failed to disclose the fees they received for the promotion of initial coin offerings [ICOs]. According to a report released by SEC, Khaled and Mayweather received $50,000 and $100,000, respectively from Centra Tech for promoting their ICOs.

The DJ and the pro boxer took to their social media accounts to inform their followers about the ICO where Khaled called Centra a “game changer”.

Mayweather also tweeted about the same, saying “you can call me Floyd Crypto Mayweather from now on”.

In a statement, SEC stated:

“Without admitting or denying the findings, Mayweather and Khaled agreed to pay disgorgement, penalties, and interest. Mayweather agreed to pay $300,000 in disgorgement, a $300,000 penalty, and $14,775 in prejudgment interest. Khaled agreed to pay $50,000 in disgorgement, a $100,000 penalty, and $2,725 in prejudgment interest.”

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