Floyd Mayweather fined $600000 for undisclosed cryptocurrency plugs

Floyd Mayweather

Mayweather has agreed to pay $614,775 to settle the SEC's charges. "Get yours before they sell out, I got mine...'", the SEC said.

Floyd and DJ Khaled were charged by the SEC, because they failed to disclose to investors, or their fans, that they were paid to endorse the "CTR" token. "With no disclosure about the payments, Mayweather and Khaled's ICO promotions may have appeared to be unbiased, rather than paid endorsements".

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.

In a November 29 statement, the SEC said Mayweather and Khaled each failed to disclose payments they had received for promoting various ICOs (initial coin offerings).

The SEC said this was the first time it had brought such charges involving the touting of cryptocurrency offerings.

DJ Khaled is many things to many people.

Floyd Mayweather fined $600000 for undisclosed cryptocurrency plugs
Floyd Mayweather fined $600000 for undisclosed cryptocurrency plugs

In Mayweather's case, the SEC found that he did not disclose promotional payments he received from three ICO issuers, including $100,000 from crypto startup Centra Tech Inc. But federal law enforcement officials say it was really a fraudulent scheme, and have filed civil and criminal charges against its founders.

DJ Khaled (2nd from left) and Floyd Mayweather (2nd from right) and guests attend the 2018 Taco Bell Skills Challenge at Staples Center on February 17, 2018 in Los Angeles, California. The U.S. Attorney's Office for the Southern District of NY filed parallel criminal charges.

"Investors should be skeptical of investment advice posted to social media platforms, and should not make decisions based on celebrity endorsements", said Enforcement Division Co-Director Steven Peikin.

Music producer DJ Khaled was also paid to promote Centra and was charged by the SEC on Thursday as well.

Khaled paid $50,000 in disgorgement plus $100,000 in fines plus another $2,725 in interest. Mayweather will pay $300,000 in disgorgement, $300,000 in penalties and $14,775 in prejudgment interest. Mayweather agreed not to promote any securities, digital or otherwise, for three years, and Khaled, valued at $27m by Forbes, agreed to a similar ban for two years. Mayweather also agreed to continue to cooperate with the investigation, according to the SEC. Because of these actions by the SEC, the "game changer" will actually be for those looking to sell unscrupulous securities to unwitting investors.

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