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November 30, 2018 01:30 am

Floyd Mayweather, DJ Khaled Charged For Illegally Touting Crypto Offerings

The Securities and Exchange Commission is charging DJ Khaled and professional boxer Floyd Mayweather Jr for failing to disclose that they were paid promotional fees to tout fraudulent initial coin offerings. The Verge reports: According to the SEC, this is the first time that individuals have faced charges involving ICOs. The Commission is accusing Mayweather of failing to disclose a $100,000 promotional payment and DJ Khaled with a $50,000 one. Both celebrities received these promotional fees from Centra Tech, Inc. earlier this year. Neither Mayweather nor Khaled have admitted to or denied the Commission's findings, but both have agreed to pay back what they had received to promote the ICO and are facing hundreds of thousands of dollars in additional penalties each. "These cases highlight the importance of full disclosure to investors," said SEC Enforcement Division co-director Stephanie Avakian. "With no disclosure about the payments, Mayweather and Khaled's ICO promotions may have appeared to be unbiased, rather than paid endorsements."

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