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Home / Business / SEC charges Floyd Mayweather, DJ Khaled, for promoting ICOs without disclosing payments

SEC charges Floyd Mayweather, DJ Khaled, for promoting ICOs without disclosing payments



  Floyd Mayweather Jr. talks to DJ Khaled after the game between the Golden State Warriors and the Los Angeles Clippers on February 20, 2016 at the STAPLES Center in Los Angeles, California.

Andrew D. Bernstein | National Basketball Association | Getty Images

Floyd Mayweather Jr. talks to DJ Khaled after the game between the Golden State Warriors and the Los Angeles Clippers on February 20, 2016 at the STAPLES Center in Los Angeles, California.

Pro boxer Floyd Mayweather and music producer DJ Khaled filled out the first offer of coins without telling investors that they would have received an advertising fee, according to an agreement announced Thursday.

Mayweather did not disclose the $ 200,000 he received for advertising two other ICOs. He wrote on his Instagram account that he would make a lot of money with another ICO. On Twitter, he boasted, "You can call me Floyd Crypto Mayweather from now on."

The SEC warned last year that coins sold in ICOs may be securities and those that offer them must comply with federal securities laws. Earlier this year, the agency filed a civil suit against the founders of Centra and said the ICO was fraudulent. In this case, the Ministry of Justice collected criminal charges in parallel.

Mayweather will pay $ 300,000 in fees, $ 300,000 in penalty and $ 14,775 in interest. Khaled will pay $ 50,000 for the redemption, a fine of $ 100,000 and $ 2,725 interest. Mayweather also agreed not to sponsor securities and participate in the investigation for three years, and Khaled approved a two-year ban.


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