Monday, 17 December, 2018

Floyd Mayweather, DJ Khaled charged with illegally promoting crypto ICOs

Image from Flickr Image from Flickr
Rhonda Young | 02 December, 2018, 17:48

Professional boxer Floyd Mayweather Jr. and music producer DJ Khaled have both been charged with violating a law that compels them to inform their audiences that they had been paid to promote initial coin offerings.

"On or about September 27, 2017, Khaled promoted Centra's ICO on social media by posting to his Instagram and Twitter accounts a picture of himself holding a Centra Card with the caption: 'I just received my titanium centra debit card". Two of its founders were arrested in April 2018 on securities-fraud charges.

Khaled talked up Centra Tech and its Centra cryptocurrency tokens on his social media accounts but didn't disclose a $50,000 payment from the company, the SEC said.

Neither celebrity admitted to or denied the charges in their settlements. He will have to fork over the $50,000 payment he received, plus a $100,000 penalty and $2,725 in interest.

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They also agreed to give back the money they'd received to the SEC and pay penalties "with interest". In addition, Mayweather agreed to further collaborate with investigators. An attorney for DJ Khaled declined to comment, The Wall Street Journal reported.

"Mayweather agreed to pay $300,000 in disgorgement, a $300,000 penalty, and $14,775 in prejudgment interest", the SEC said in a statement.

These are the SEC's first cases of these particular violations. The regulators allege that Mayweather also neglected to disclose that he was paid $200,000 to promote the other two ICOs.

It appears both Floyd Mayweather & DJ Khaled have settled their SEC lawsuit in their cryptocurrency scandal. Khaled referred to Centra's ICO as a "game changer".

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Last year, the SEC warned that ICOs closely resembled traditional securities like stocks and would be regulated as such.

"These cases highlight the importance of full disclosure to investors", said Stephanie Avakian, enforcement division co-director of the SEC.

The SEC issued a warning about the promotion of online fundraisers known as initial coin offerings (ICOs) on 1 November previous year.

Steven Peikin, the co-director of the SEC's enforcement division, cautioned investors to be wary of any celebrity endorsements for investment vehicles.

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The SEC charged Mayweather and Khaled with promoting an initial coin offerings (ICOs) without disclosing that they were paid for them. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article.

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